D.P.W.H. REOPENS MANILA’S OTIS BRIDGE
T
A BUS passes over the Otis Bridge in Ermita, Manila, on Tuesday, just after the Department of Public Works and Highways reopened it. The bridge’s collapse in June prompted the closure, but the DPWH finished the rehabilitation of the bridge—a busy, vital route for commuters and commerce—ahead of schedule. DPWH PHOTO
DEPT. OF SCIENCE AND TECHNOLOGY
PHILIPPINE STATISTICS AUTHORITY
2018 BANTOG DATA MEDIA AWARDS CHAMPION
HE Department of Public Works and Highways (DPWH) on Tuesday opened the rehabilitated and widened Otis Bridge in Manila, two months ahead of its completion schedule. Public Works Secretar y Mark A. Villar said his group was able to complete the construction, strengthening and widening of Otis Bridge— in Paco, Manila—in time for the Christmas rush, and five months from when the bridge collapsed in June. Its closure had sparked widespread concern, as it closed off to vehicles a vital route, not only for commuters but for trucks and commercial vehicles,
from Manila’s Port Area. “We are glad that we were able to finish the replacement of Otis Bridge within five months and ahead of schedule. This will be another Christmas gift to our motorists, specifically in this area of Manila,” he said. The half-a-century-old Otis Bridge partially collapsed in June due to old age and the lack of rehabilitation of the said facility. By July, government authorities started its reconstruction, rehabilitation and widening. Originally, the public works department targeted to complete the bridge project by February 2019. “The newly reconstructed Otis Bridge has been widened from four
Lorenz S. Marasigan
BusinessMirror
www.businessmirror.com.ph
A broader look at today’s business
n
Wednesday, December 5, 2018 Vol. 14 No. 56
Duterte OKs 2nd round of fuel tax hike for 2019
P
By Bernadette D. Nicolas @BNicolasBM & Lenie Lectura @llectura
RESIDENT Duterte has approved his economic team’s recommendation to push through with the next tranche of fuel excise taxes taking effect in 2019, Budget Secretary Benjamin E. Diokno confirmed on Tuesday.
“Our forecast supports the recommendation by the committee with the DBM [Department of Budget and Management] and DOF. We are seeing Dubai crude oil to be at around the low $50s in the coming months.”—Cusi
Diokno said the President is just simply implementing what is stated in the Tax Reform for Acceleration and Inclusion (TRAIN) law. Asked what prompted the President to make the decision, Diokno See “Fuel tax,” A2
Recto bares gaps in ₧3.757-trillion budget bill By Butch Fernandez
C
lanes to six lanes. Its maximum allowable weight was also increased, from 15 tons to 20 tons to accommodate more motorists in the area,” Villar said. The government earmarked P33.58 million for the reconstruction project. Now that the bridge has been opened for traffic, the 23-linear-meter facility with 172-linear-meter approach road on both sides is expected to ease traffic congestion on Osmeña Highway, Quirino Avenue and United Nations Avenue. It will also serve as a link of vehicles traversing South Manila to North Manila, as well as the cities of Quezon, Caloocan and Mandaluyong.
@butchfBM
ITING “gaps” in the billions of pesos in the proposed P3.757-trillion national budget for 2019, Senate President Pro Tempore Ralph G. Recto on Tuesday asserted the need to fund certain measures in the annual money measure. “There are gaps in the proposed 2019 budget that the Senate can address in a transparent, legal way,” Recto said, even as the senator promptly added he was not pinning the blame on any of the proponents of the measures requiring funding. Among those for which funding will have to be set aside are new laws like the rice tariffication and coconut levy, as well as the Supreme Court ruling on the internal revenue fund (IRA) sharing that requires the national government to plow back billions to local government units. “No one is to be blamed for the oversight, as these unfunded mandates arose from laws passed after
Breaking the silence and breaking the trade Teddy Locsin Jr.
FREE FIRE Remarks written by Roseny Fangco and delivered by Ariel Rodelas Peñaranda, Chargé d’affaires, at the United Nations forum on “Practical Solutions to Eradicate Human Trafficking,” November 9, UN Headquarters, New York. “Good morning. UMAN trafficking is a crime marked by silence. The victim does not speak of it unless necessity compels her. We don’t speak of it to spare her what some if not many think is the shame of her victimhood. But her silence encourages abuse; and our silence is complicity. But we can speak out against human trafficking without exposing the victims; and in the rare case she may speak out if we protect her to save others from her fate. It is a crime that should be denounced from every rooftop and in every forum like today.
‘H
Continued on A6
Experts, advocates mull over what making roads safe entails @lorenzmarasigan
D
along the Alava Pier in the Subic Bay Freeport before touring leisure and historical destinations in Subic and nearby provinces of Zambales, Bataan and Pampanga on Tuesday, December 4. It was the second arrival of the cruise liner here since June this year, bringing some 3,400 tourists each arrival in Subic. SBMA Chairman and Administrator Wilma T. Eisma said more cruise ships are expected to arrive here, with some liners staying overnight in the free port during stops next year. HENRY EMPEÑO
See “Budget bill,” A8
PESO EXCHANGE RATES n US 52.3350
BUSINESS NEWS SOURCE OF THE YEAR
P25.00 nationwide | 5 sections 24 pages | 7 DAYS A WEEK
By Lorenz S. Marasigan
CHINESE VISITORS Newly disembarked Chinese passengers from MS World Dream, a cruise ship owned by Genting Hong Kong Ltd., walk
2017 EJAP JOURNALISM AWARDS
ESPITE the huge challenge in implementing road safety measures, the 2019 budget of the Metropolitan Manila Development Authority (MMDA) was cut by P300 million, it was revealed at a forum on Tuesday. And, while pursuing a road safety program for the Philippines may entail a massive spending program for the government, attendees at the forum—officials, advocates and experts—agreed that end-users must also do their part to build safer roads in the country. For one, National Center for Transportation Studies Director Ma. Sheilah G. Napalang said the government should retain the motor vehicle users’ charge to fund the construction and rehabilitation of roads in the country. “Funding is important. The road safety fund is the second highly
“While we don’t have a specific budget in mind, our budget for 2019 was cut by P300 million. We are not asking for an increase, but we hope that our budget will not be cut in the next fiscal year. We need to hire more people, and procure more equipment because we need more.”—Pialago utilized fund, and everything has to be financed for something. We have to retain the road fund, and make sure that we have something to draw on,” she said at Tuesday’s road safety forum organized by Vera Files. MMDA Spokesman Celine B. Pialago agreed, citing similar issues within her agency’s part to implement road safety measures, such as deployment of traffic marshals, engaging drunk drivers and sidewalk-clearing initiatives. See “Roads safe,” A2
n JAPAN 0.4605 n UK 66.6277 n HK 6.6966 n CHINA 7.6008 n SINGAPORE 38.2817 n AUSTRALIA 38.4767 n EU 59.3845 n SAUDI ARABIA 13.9512
Source: BSP (4 December 2018 )
News
BusinessMirror
A2 Wednesday, December 5, 2018
Uncertainty looms for peso in 2019 despite strong trade
T
By Bianca Cuaresma
@BcuaresmaBM
HE local currency continued to trade in the 52 territory this week, but a private bank economist said things are uncertain for the peso’s path next year. Data from the Bankers Association of the Philippines showed the local currency closed trade at 52.52 to a dollar, losing 20 centavos of value from the previous day’s trade of 52.32 to a dollar. Compared to the level at which the peso traded in the previous month, however, it is still stronger than the 52.808 average in October and the 54.009 to a dollar value in September. The total traded volume during the day was at $1.0578 billion, stronger than the $965.6 million
in the previous day’s trade. In a recent assessment, ING Bank Manila economist Nicholas Mapa said the peso could well face depreciation pressure as domestic demand-driven growth foments current account deficits. “Possible BSP [Bangko Sentral ng Pilipinas] policy rate adjustments and financial account inflows are expected to moderate any Philippine peso weakness,” he said. The economist said the peso will be one of the major indicators to dictate the country’s growth
momentum for 2019. “Given expectations of a protracted current account deficit and BSP’s likely 200-basis-point RRR [reserve requirement ratio] cut, the PHP [Philippine peso] will face moderate to mild depreciation pressure in 2019,” Mapa said. “The structural factors that have led to US dollar outflow, coupled with an infusion of peso liquidity, should all drive PHP weakness. Meanwhile, the projected rate hikes by the BSP (50 basis point cumulative) are expected to limit this depreciation, as will financial account inflows in the form of foreign direct investment and possible dollar-denominated bond issuance,” he added. Mapa also said the geopolitical climate can skew change in sentiment and thus push the direction of financial flows. “A continued breakthrough between Presidents Trump and Xi in light of the recent positive turnout
”Given expectations of a protracted current account deficit and BSP’s likely 200-basis-point RRR [reserve requirement ratio] cut, the PHP [Philippine peso] will face moderate to mild depreciation pressure in 2019.” —Mapa
at the G20 meeting would be positive for emerging markets and could ease pressure on the peso—portfolio flows have the potential to then flood the region,” he said. “Further weakness in oil prices as the supply glut grows could also translate into a less severe current account deficit. Lastly, recent dovish communications from the Fed might lead to a less aggressive rate hike cycle, which would then also lead to reduced depreciation pressure on the peso in 2019,” he added.
Amid Satur Ocampo’s denial, DILG’s Año insists NPA recruiting minors to fight govt
‘B
LATANT lie.” This is how Interior Secretary Eduardo M. Año refuted the claim of former Bayan Muna Rep. Satur Ocampo that the Communist Party of the Philippines (CPP), New People’s Army (NPA) and the National Democratic Front (NDF) are not recruiting minors to fight the government. The Department of the Interior and Local Government (DILG) chief was reacting to Ocampo’s remarks that recruiting child combatants is against the policy of the CPP and NPA. Authorities arrested Ocampo on
Roads safe. . . Continued from A1
“While we don’t have a specific budget in mind, our budget for 2019 was cut by P300 million. We are not asking for an increase, but we hope that our budget will not be cut in the next fiscal year. We need to hire more people, and procure more equipment because we need more,”she said. Pialago cited, for instance, the lack of breath analyzers for suspected drunk drivers, which may cause road crashes and pedestrian accidents. Today, she said, her agency only has 47 breath analyzers, which, she said, are not enough. She also noted that the agency could not just deploy traffic enforcers during the wee hours, as it lacks the funding to pay for overtime charges related to it. “These are basic problems that are
Fuel tax. . .
Continued from A1
said it’s the “sharp turnaround in world crude prices.” “From a peak of close to $80 pb to $68 pb on November 29, with Dubai Futures prices projecting further decline below $60 per barrel in 2019. At its peak, diesel price was P49.80 per liter, it will be P37.76 on January 19, inclusive of the P2 peso excise tax. For gasoline [95 octane] it was P60.90 at its peak, it will be 50.82 on January 19 inclusive of P2 additional excise tax,” he added. The decision came days after the Development Budget Coordination Committee (DBCC) met to reassess the situation given the declining world oil prices. The Cabinet decision also overrode concerns by several senators that proceeding with the secondround hikes purely on the basis of lower global prices was shortsighted; and alarm by consumer and labor groups that spikes in prices of
November 28 along with ACT Teacher’s Party-List Rep. France L. Castro for allegedly trafficking in children in Davao del Norte. According to authorities, Castro and Ocampo along with 74 others, including 12 teachers and 29 students of lumad schools, four pastors and an administrator of the Salugpungan community learning center, were flagged down while allegedly transporting 12 minors in five vans at a military checkpoint in the municipality of Talaingod around 9 p.m. on November 28. The
police are readying charges for child trafficking against Ocampo’s group. “Satur Ocampo’s denial of the occurrence of illegal recruitment of minors by the CPP/NPA/NDF is a blatant lie. In fact, it has been going on for decades,” Año said in a statement. Citing Philippine National Police data, the former military official said five cases have been filed this year against the CPP/NPA/NDF for violating the child abuse law and child trafficking. Five similar cases were filed in court in 2017; and three in 2016.
“The CPP/NPA/NDF is poisoning the minds of our children to take up arms against the government. They teach the innocent how to use a gun, how to fight in armed combat, how to gain people’s sympathy, to sing a different version of the national anthem and to join rallies calling for the overthrow of the government,” said Año. In July this year, Año said five minors from the Manobo tribe in Bukidnon surrendered in Northern Luzon due to the harsh living conditions of NPA fighters in the area.
Jonathan L. Mayuga
www.businessmirror.com.ph
briefs
➜S.C. SENDS SHORT LIST TO J.B.C.
THE 15-man Supreme Court on Tuesday recommended to the Judicial and Bar Council (JBC) the inclusion in its short list of nominees the names of three appellate court justices and Court Administrator and Spokesman Jose Midas Marquez for the post to be vacated by retiring Associate Justice Noel Tijam on January 5, 2019. At a press briefing, Marquez said among the Court of Appeals (CA) justices endorsed by the magistrates were Associate Justice Manuel Barrios, who got seven votes; Associate Justice Ramon Bato, six votes; Associate Justice Ramon Garcia, six votes; and Marquez, who also got six votes. Other applicants for Tijam’s post are CA Associate Justices Apolinario Bruselas Jr., Ramon Cruz, Stephen Cruz, Edgardo de los Santos, Japar Dimaampao, Ramon Garcia, Mario Lopez, Amy Lazaro-Javier, Eduardo Peralta Jr. and Ricardo Rosario. Also eyeing the said post are Sandiganbayan Presiding Justice Amparo Cabotaje-Tang and Sandiganbayan Associate Justices Efren de la Cruz and Alex Quiroz. Other candidates are Centro Escolar Law Vice Dean Rita Linda Jimeno, former Ateneo Law Dean Cesar L. Villanueva and Judge Virginia Tehano-Ang of the Regional Trial Court of Tagum, Davao. The JBC, constitutionally mandated to screen nominees for vacancies in the Judiciary and the Office of the Ombudsman, was set to conduct a public interview on Tuesday of the candidates who have not been previously interviewed by the JBC. The JBC will subsequently come up with a short list of nominees to be submitted to the President for consideration. Joel R. San Juan
➜KOKO SEEKS SPEEDY ACTION ON POLL CASES
THE camp of Sen. Aquilino “Koko” L. Pimentel III said on Tuesday that it is eyeing the consolidation of the two disqualification cases filed against him at the Commission on Elections (Comelec). Pimentel’s lawyer George Garcia made the disclosure at the sidelines of the preliminary hearing at the Comelec main office in Manila on the cases filed against Pimentel by former Biliran Rep. Glenn Chong and lawyer Ferdinand Topacio. Garcia said they will be filing a motion to consolidate the twin cases so both could be jointly resolved by the Comelec, and hasten the poll body’s decision on the case. Such will erase any doubt on the qualification of Pimentel to run in next year’s senatorial race. “It is to the benefit of the people that these cases be resolved immediately so there will no longer be any doubts if the votes for him will be wasted,” Garcia said. Garcia noted that Comelec will releasing the final list of candidates for the 2019 elections on December 15, before it starts printing the ballots next month. Chong accused Pimentel of violating constitutional term limits, while Topacio claimed the incumbent senator committed misrepresentation in his Certificate of Candidacy for the May 2019 polls. Both cases stemmed from Pimentel’s decision to run for reelection even after winning the senatorial elections in 2007 and 2013. Under the Constitution, no senator shall serve for more than two consecutive terms. Pimentel’s camp, however, argued that he has yet to complete the two-consecutive term limit. Garcia said Pimentel was only able to serve a “tenure” in 2007, since he was only able to serve two of his six-year term at that time, due to his pending case against Sen. Juan Miguel F. Zubiri. Citing a Supreme Court decision, Garcia said if the service of “national candidates during their terms were interrupted without their fault and consent, as well as if they have not resigned, it will be considered as a tenure rather than a term.” Garcia said they are ready to bring the case to the Supreme Court if Comelec will decide in favor of Chong and Topacio. Samuel P. Medenilla
traffic laws in a stricter manner. “We will keep on educating drivers, and develop good protocols in terms of enforcing traffic laws,” he said. Transportation Assistant Secretary Elvira L. Medina added that her agency views road safety as an obligation of everyone, not just the government. “It is a responsibility of everybody—not just the government, car manufacturers and other stakeholders—each and everyone of us has to do our part to engage in road safety and be conscious about it,” she said. International Road Assessment Program Managing Director Greg Smith agreed, explaining that since “road safety is so complex,” everyone needs to take part in it. “Everyone should not work on their own silos—they really have to cooperate,” he said.
House panels back withdrawal from IPU
EVITA MARIZ M. RICAFORT, who represented Imagine Law, a group of individuals pushing for road safety in the country, noted that the government does not have to “start from scratch,” citing the five pillars of road safety. “These are road safety management, safer roads and mobility, safer vehicles, safer road users and better postcrash management. There is no panacea. It has to work as a system, and all of these fall under the pillars of road safety,” she said. Francis N. Tolentino, former MMDA chairman, noted that developing safer roads in the Philippines requires careful urban planning for future cities. “The problem is rapid urbanization, that is why we have to plan our communities. Then we have
to enforce the law. We have to make our places of work and residential areas interconnected, giving priority to residents,” he said. For Sen. Joseph Victor G. Ejercito, the Philippines has to come up with a very long-term master plan for the development of mass transit systems, which he said, is key to improving road safety in the country. “It’s about that that we look into the future—say, 10 years, 20 years and 50 years from now. We have to have a master plan that we should be all following. We are pushing for massive infrastructure and transportation modernization,” he said, citing the “Build, Build, Build” program of the Duterte administration. L a n d Tra n s p o r t at i o n O f f i ce Fi l e d Enforcement Division Chief Roberto A. Valera noted that road safety should be a component of education for all, and vowed to enforce
basic goods would follow the second fuel tax hike of P2 a liter, under the TRAIN law. A forecast steady decline in global oil prices—to “around the low $50s [per barrel] in the coming months”—was seen to have weighed heavily on the final decision by the President and the Cabinet on whether to implement the second tranche in 2019, besides concerns that suspending implementation spells a P41-billion revenue gap that might impair the “Build, Build, Build” infrastructure program. Hours before the crucial Cabinet meeting that tackled the retraction by the interagency DBCC of its recommendation last month to suspend the second round of fuel excise tax hikes, Secretary Alfonso G. Cusi said the Department of Energy (DOE) has recommended proceeding with the implementation of the second tranche in January. “We have submitted our position already alongside the forecast. The excise tax will proceed because the
country will really need to build infrastructure so we need the funds,” said the DOE secretary. Cusi said there could be another oil price rollback next week. “Next week, we expect another rollback and the DOF [Department of Finance] made a recommendation for the second tranche to be reinstated so we made our forecast for oil.” He added: “Our forecast supports the recommendation by the committee with the DBM [Department of Budget and Management] and DOF. We are seeing Dubai crude oil to be at around the low $50s in the coming months.” For the past eight consecutive weeks, gasoline prices have declined by P12.05 to P12.20 per liter and diesel by P10.45 to P10.65 per liter. These adjustments reflect movements in the international market. Hours before the Cabinet meeting that began late Tuesday afternoon, Presidential Spokesman and Chief Presidential Legal Counsel Salvador S. Panelo said that “most
likely” there will already be a decision on the DBCC’s new recommendation to continue the implementation of the next increase in fuel excise taxes given the downtrend in global oil prices. T h i s c a m e a m o nt h a f t e r t h e DB C C r e c o m m e n d ed the suspension as a way of reining in inflation. “From what I know, updates on oil prices will be discussed, and those agreed upon during the Association of Southeast Asian Nations Summit,” Panelo said in a mix of English and Filipino.
in fuel excise tax is P2 per liter, according to the TRAIN law. It called for an excise tax of P2.50 per liter on diesel, with an additional P2 to be imposed next year and P1.50 per liter in 2020. This brings the excise tax on diesel to P4.50 per liter in 2019, and P6 per liter in 2020. From the previous P4.35 per liter, the excise tax on gasoline was increased to P7 this year, with an additional P2 increase in 2019, and P1 in 2020. For 2019 and 2020, the rates will be at P9 per liter and P10 per liter, respectively. Last week the DBCC noted that Dubai crude oil prices have gone down by 14 percent to $68 per barrel in November, from $79 per barrel last month. T he average price, the DBCC said, may maintain a downward trajectory and drop below $60 per barrel next year. Besides the expected steady decline of fuel prices, Finance Secretary Carlos G. Dominguez III said they considered the impact of the suspension on the rev-
sometimes not seen by many,” she said.
Five pillars
Senators’ concern
SENATORS have also expressed caution on the DBCC ’s tur naround, saying it was shortsighted to withdraw the suspension simply on the basis of declining global oil prices. They said there were many other inflationary pressures to consider and pushing through with the next round of increase would burden most sectors. For 2019 the scheduled increase
Continued from A8
“The passing of this landmark bill, which Bayan Muna had been filing since 2007, is historic because it is only now that it has passed the committee level. This is also very timely considering that human rights defenders now are under attack. The case of the illegal arrest of former Bayan Muna Rep. Satur Ocampo, Rep. France Castro and other members of the Talaingod 18 underscores the passage of a law that protects HR defenders,” said Zarate.
“A long with the increasing extrajudicial killings and harassment of activists, we can no longer ignore these glaring proof of the deteriorating state of the humanrights situation in the country, thus, it is imperative that we pass this bill,” Zarate added. Commission on Human Rights Chairman Chito Gascon said the passage of the bill will send a strong message that it is possible to have an effective mechanism for humanrights defenders. Jovee Marie N. Dela Cruz
enue and expenditures program for next year. A one-year suspension means an estimated net revenue loss of P43.4 billion, assuming that Dubai crude oil prices average $65 per barrel next year. Dominguez said the erosion in revenue may force the government to cut spending just to ensure that the programmed deficit level of 3.2 percent of GDP for 2019 is not breached. Inflation, the DBCC said, continues to decelerate due to government efforts to address supplyside constraints as well as falling oil prices. The DBCC has also revised its assumptions on Dubai crude oil prices—from a range of $75 to $85 per barrel, to $60 to $75 per barrel in 2019. Under the TRAIN law, the excise tax increase may be suspended if the international price of Dubai crude breaches the $80-per-barrel threshold for three months. The law was silent on the mechanism for lifting the suspension.
A4 Wednesday, December 5, 2018 • Editor: Vittorio V. Vitug
Economy BusinessMirror
www.businessmirror.com.ph
NFA’s purchases of local rice up 80 percent
T
By Jasper Emmanuel Y. Arcalas
@jearcalas
HE National Food Authority (NFA) said its purchases of unmilled rice from local farmers expanded by nearly 80 percent to 50,608 metric tons in January to November, from last year’s 28,278 MT. The NFA said it has procured some 1.012 million 50-kilogram bags during the 11-month period, 92 percent of which were bought in October and November. In two months, the NFA said it was able to purchase 926,854 bags due to the additional P3 per kilo-
gram buffer-stocking incentive (BSI) added to the government’s support price of P17 per kg. “This means that given the right price, the NFA will be able to buy more from our farmers,” NFA OIC Administrator Tomas R. Escarez said on Tuesday.
“With the additional P3/kg incentive, we were able to entice more farmers to sell their harvest to us. At a time when private traders were buying at P20.28 or lower than the NFA buying price, our farmers decided to sell to us instead,” Escarez added. The NFA currently buys palay from local farmers at P20.70 per kg, inclusive of the P0.70 per-kg delivery, drying and cooperative incentives. As the main harvest season reached its peak in November, the NFA said it was able to purchase 630,934 bags of palay. The NFA said it was able to buy palay from farmers in Occidental Mindoro, Mamburao, Batangas, Oriental Mindoro, Bukidnon, Isabela, Capiz, Iloilo, North Cotabato and Camarines Sur. The food agency attached to the Department of Agriculture has targeted to procure 2.6 million bags, or 130,000 MT of palay. To hit this goal, the NFA must buy 1.6 million bags, or 80,000 MT of palay. Last year the N FA f a i led to achieve its goal of procuring 3 million bags, as it managed to purchase only 588,820 bags, or 29,441 MT. Since the approval of its P3 per-kg BSI, the
NFA Grains Operations Officer II Coralyn Punongbayan of Nueva Ecija checks the quality of palay bought from farmers. NFA PHOTO
NFA has become more optimistic in achieving its palay procurement target for 2018. The NFA is banking on local palay procurement to continuously beef up its stockpile and avert the depletion of state-subsidized rice sold in local markets.
Out-quota rice
THE NFA also disclosed that 30 agricultural firms, traders and farmers cooperatives are seeking to import about 274,476 MT of rice via its outquota program.
Based on the initial list of applicants published by the NFA on its web site, 30 private entities have already applied for permits to import rice outside the minimum access volume (MAV) since November 26. Among the applicants include Manila-based Pure Rice Milling and Processing Corp. that seeks to import 100,000 MT of white rice, 25-percent brokens from Thailand and Farm Mechanism Resources and and Distribution Corp. that signified its intent to buy 20,000 MT of white rice, 5-percent bro-
kens, also from Thailand. The 30 interested importers are planning to purchase rice from Vietnam and Thailand. Rice importers are allowed to bring in rice with a quality of 25-percent brokens or even better. The NFA issued the guidelines for the out-quota rice importation on November 23 following its approval by the NFA Council (NFAC) on November 21. “The purpose of the importation is to bring down the prices of rice,” Agriculture Secretary and NFAC Chairman Emmanuel F. Piñol told reporters in an interview after the NFAC meeting on November 21. Rice imports within the MAV of the World Trade Organization are slapped a tariff of 35 percent, while those bought into the country outside of the quota are levied a tariff of 50 percent. Piñol said the NFAC has decided to allow out-quota importation to ensure that the retail price of rice would remain affordable to Filipino consumers. “Why would I wait for [the rice tariffication]? What if it would take longer? Then consumers would complain that rice prices are increasing,” he said. According to Piñol, interested traders need to meet only three requirements approved by the NFAC—show proof of financial capacity, warehouse capability and retail capability. “These will effectively weed out fly-by-night importers who just apply for import permit and sell them afterward,” he said.
House panel approves bill ‘institutionalizing’ Neda By Jovee Marie N. Dela Cruz @joveemarie
T
HE House Committee on Economic Affairs on Tuesday approved a measure institutionalizing the National Economic and Development Authority (Neda) as the independent economic planning agency of the government. Speaker Gloria Macapagal-Arroyo, principal author of the bill, said the measure seeks to institutionalize a department that will implement long term, continuing, integrated and coordinated programs and policies for national development. Arroyo, in the bill’s explanatory note, said the measure will also enhance decentralization and strengthen the autonomy of units within the various regions of the country to accelerate their economic and social growth and development. The speaker said distressed communities will be “empowered to revitalize, expand and upgrade their physical infrastructures to attract new industries.” She said the measure also encourages business expansion in the countryside, diversify local economics, and generate, or retain long-term private-sector jobs and investments. The bill institutionalizes the Neda as a lead integrator of economic development programs and policies to achieve the following objectives: Facilitate the planning, collaboration
and coordination among the relevant government agencies; Improve access to national program information, data and funding opportunities, support research of leading edge, world-class economic development practices and information discrimination efforts; Ensure that economic resources are aligned and invested in support of identified and well-defined timely strategies and projects in non-duplicative activities; Encourage strategic investments that strengthen competitiveness and foster job creation; Promote energy independence, help fight poverty and build prosperity for the greatest number of Filipinos; and Produce transformational economic diversification and work force development outcomes for our country’s long-term sustainable economic future. Under the measure, the Neda shall generate and provide “impartial, objective and evidence-based” analyses and recommendations for the socioeconomic betterment of the nation, particularly to the President, Congress and Filipinos in general.
Neda Board
THE bill indicated that the Neda Board shall be composed of the following: President of the Philippines as chairman, the secretary of Neda as vice chairman, and the secretaries of the Departments of Finance, Budget and Management (DBM), the Interior and
Local Government (DILG), Trade and Industry (DTI), Transportation, Social Welfare and Development, Education, Agriculture, and Public Works and Highways, and the governor of the Bangko Sentral ng Pilipinas (BSP) as members. Under the bill, the Neda Board shall meet at least once every quarter. The Neda Board shall ensure, together with the DBM and other relevant government oversight agencies, that the annual and multiyear appropriations for programs and projects are aligned with the Philippine Development Plan/Public Investment Program and the Regional Development Plans/Regional Development Investment Programs. The bill indicates that the Senate President and Speaker of the House as members of the Development Budget Coordination Committee, Infrastructure Committee, Regional Development Committee, National Land Use Committee, Economic Development Committee, Science, Technology and Innovation Committee, Sustainable and Resilient Development Committee and Governance Committee. The measure also creates the Resource Mobilization and Other Fiscal Matters Committee, which will be composed of the secretaries of Finance, Neda, DBM, DILG, DTI, governor of Board of Investments, chairman of the Governance Commission for GOCCs, the Executive Secretary, the governor of the BSP, the Senate President and Speaker of the House.
Lower rates attract investors to reissued 10-year bonds
T
HE Bureau of the Treasury (BTr) on Tuesday decided to fully award the P15-billion offering for its reissued 10-year Treasury bonds (T-bonds), as investors took advantage of lower rates. National Treasurer Rosalia V. de Leon told reporters on Tuesday that the auction committee decided to fully award the reissued 10-year T-bond as tenders were oversubscribed four times, indicating investors’ appetite for longerdated securities. “Again, we continue to see the appetite of investors on the long end [of the curve] at the same time they are locking in on the rates already based on expectations that rates will further [be] trending downward given lower inflation expectations already for November,” de Leon said. Bids for the IOU reached P49.389 billion.
The committee awarded the P15 billion on offer by the BTr at an average annual rate of 6.975 percent, lower by 106 basis points than the previous rate of 8.035 percent. The reissued 10-year T-bonds has a remaining life of nine years and three months. Seeing the strong demand for the security, the BTr decided to open anew its tap facility for its market makers. This is the third time this year that the tap facility was opened. “We will just open [the tap facility], the same rules apply but we don’t have a cap anymore. Before it was only up to P15 billion, now we can upsize to more than P15 billion. So it depends on the discretion of the treasury how much we will accept,” de Leon said. But this time, de Leon said the BTr has the discretion to cap the awarded
amount at a level the bureau deems fit. Previously, the awarded amount under the tap facility was only based on the same amount awarded during the auction for the security before opening the tap facility on the same day. The Treasury’s 10 market makers are the only ones that can access the tap facility, which is opened from 2 to 4 p.m. on Tuesday. The tap facility allows Government Securities Eligible Dealers to access bonds after the initial primary auction. The 10 market makers are BDO Unibank Inc., Bank of the Philippine Islands, China Banking Corp., Citibank Philippines, Development Bank of the Philippines, First Metro Investment Corp., Land Bank of the Philippines, Metropolitan Bank and Trust Co., Rizal Commercial Banking Corp. and Security Bank Corp. Rea Cu
www.businessmirror.com.ph | Editor: Angel R. Calso
The World
Oil prices perk up on Trump-Xi agreement, coming Opec decision
A
RALLY in oil prices after a two-month slide indicates traders are betting that Opec and its allies including Russia will agree to produce less crude. Representatives of oil-producing nations will hold a highly anticipated meeting on Thursday in Vienna, with analysts predicting that they will agree on a cut of at least 1 million barrels a day in an effort to bolster prices. Russian President Vladimir Putin boosted expectations for a deal when he said at the G-20 summit over last weekend that Russia and Saudi Arabia have agreed to extend an attempt by Opec to balance oil supply and demand—although he provided no figures. Crude prices began falling in October and continued to plunge last month due to oversupply and fears that weaker global economic growth would dampen energy demand. The price of both benchmark US crude and the standard for internationally traded oil fell 22 percent in November. On Monday, however, West Texas intermediate rose $2.02, or 4 percent, to settle at $52.95 a barrel, and Brent international crude climbed $2.23, or nearly 4 percent, to close at $61.69 a barrel in London. Analysts attribute the turnaround to a truce in the escalating trade dispute between the United States and China. That has raised hopes that, with a cessation in further tit-for-tat tariffs, short-term economic growth and energy demand might be stronger than feared. Also, the Alberta premier announced that the Canadian province will trim production by 8.7 percent because a shortage of pipeline capacity has caused a glut of Canadian crude. Canada is the largest source of oil imported by the US. Finally, the small but wealthy Persian Gulf nation of Qatar said on Monday that it will leave Opec in January. Qatar has been feuding with Saudi Arabia and three other Arab nations that accuse it of financing terrorism. Qatar is one of the smallest oil producers in Opec, so its departure will have only a marginal impact on the cartel’s share of the world’s supply. Still, the surprising announcement by Qatar’s energy minister underscores the political tension within Opec,
“which doesn’t necessarily make it easier to come to a decision” on cutting production, said JBC Energy analyst David Wech. Some analysts expect Opec and Russia will agree to even larger cuts, about 1.5 million barrels a day. Anything less, they say, could set the stage for continued global oversupply next year and send oil prices lower. Opec must produce “a credible agreement” to cut output by about 1.5 million barrels a day for oil prices to recover their recent losses, Credit Suisse analyst William Featherston wrote in a note on Monday. The Saudis, he said, will have to bear the largest share of cuts. Saudi Arabia seems eager to reduce supply, Featherston said, but the kingdom’s decision is complicated by President Donald J. Trump’s desire for lower prices and the Saudis’ wish to improve relations with the US after the murder of journalist and US resident Jamal Khashoggi. Trump blamed Opec and Saudi Arabia earlier this year for high oil prices. When US crude skidded to $54 on November 21, he tweeted, “Thank you to Saudi Arabia, but let’s go lower!” Trump might complain about cuts designed to send prices higher. US producers have benefited from higher prices. American output has soared since the price bust of 2014 to 2015, and the US Energy Information Administration estimates that the US has eclipsed Russia and Saudi Arabia to become the world ’s biggest producer. (Saudi Arabia remains the top exporter.) Much of that new US production is coming out of shale formations that lie underneath West Texas and New Mexico. Executives of some companies that operate there, including Trump supporter Harold Hamm, the chairman and CEO of Continental Resources Inc., have said recently that they might cut back on production if oil falls below $50 a barrel, which it barely avoided in late November. “I think [Trump] is starting to realize that if oil prices continue to fall, it might have a negative effect for US producers,” said Phil Flynn, a prominent oil analyst. “I think he has heard from a couple of them, ‘Hey, you don’t want to crash this thing too hard.’” AP
Case accusing Trump of profiting off the presidency moves ahead
W
A S H I N G TO N —Th e at to r n e y s general of the District of Columbia and Maryland said they are moving forward with subpoenas for records in their case accusing President Donald J. Trump of profiting off the presidency. US District Court Judge Peter J. Messitte approved the legal discovery schedule in an order on Monday. Such information would likely provide the first clear picture of the finances of Trump’s Washington D.C., hotel. Trump’s Justice Department lawyers filed a notice to the court on Friday that appeared to challenge the Maryland judge’s decision to allow the case to move forward. The president’s notice that he may seek a writ of mandamus—to have the appeal heard by a higher court—is considered an “extraordinary remedy” that’s hard to prove and partly rests on showing Messitte’s decisions to be clearly wrong. The Justice Department declined to comment. “We’ve got the discovery ready to go,” said Maryland Attorney General Brian Frosh. “Their objective at this point is just to keep the doors shut, they don’t want any of this information out in public and they don’t want our case to move forward. So they’re going to be obstructing as much as they can.” District of Columbia Attorney General Karl A. Racine said in a statement that the subpoenas would go out to third-party organizations and federal agencies “to gather the necessary evidence to prove that President Trump is violating the
Constitution’s emoluments clauses—our nation’s original anti-corruption laws.” Trump has been fighting multiple lawsuits that argue foreign representatives’ spending money at the Trump International Hotel are violations of the Constitution’s emoluments clause, which bans federal officials from accepting benefits from foreign or state governments without congressional approval. A clue as to what entities may receive subpoenas can be found in preservation subpoenas filed more than a year ago with 23 Trump-related entities, including The Donald J. Trump Revocable Trust, The Trump Organization, the Mar-a-Lago Club Inc. and entities related to his D.C. hotel and its management, among others. The subpoena requires the majority of documents to be preserved from January 1, 2015, on an ongoing basis. The court filings cite document categories for preservation, including those from November 8, 2016, onward concerning “marketing to foreign or domestic governments, including members of the diplomatic community.” Other noted categories for preservation include documents that would identify guests of the hotel and those who have rented event space, details on all finances, and “operating leases, permits, licenses, tax payments or credits to or from foreign or domestic governments.” According to the agreed-upon schedule, if there are no delays, legal discovery would conclude in early August. AP
BusinessMirror
Wednesday, December 5, 2018
A5
White House hails China trade truce as skeptics raise doubts
W
ASHINGTON—The Trump administration is celebrating the 90-day truce it reached in its trade war with China as a significant breakthrough despite scant details, a hazy timetable and widespread skepticism that Beijing will yield to US demands anytime soon. “ This is just an enormous, enormous event,” Larry Kudlow, President Donald J. Trump’s top economic adviser, said on Monday of the cease-fire that Trump and President Xi Jingping reached over the weekend on the sidelines of an international economic summit in Buenos Aires, Argentina. “This one covers so much ground in some detail, we’ve never seen this before.” Yet many economists raised doubts that much had been— or would be—achieved within three months. “The actual amount of concrete progress made at this meeting appears to have been quite limited,” Alec Phillips and other economists at Goldman Sachs wrote in a research note. During the talks in Buenos Aires, Trump agreed to delay a scheduled escalation in US tariffs on many Chinese goods, from 10 percent to 25 percent, that had been set to take effect January 1. Instead, the two sides are to negotiate over US complaints about China’s trade practices, notably that it has used predatory tactics to try to achieve supremacy in technology. These practices, according to the administration and outside analysts, include stealing intellectual property and forcing companies to turn over technology to gain access to China’s market. In return for the postponement
in the higher US tariffs, China agreed to step up its purchases of US farm, energy and industrial goods, the White House said. Most economists noted that the two countries remain far apart on the biggest areas of d isag reement, whic h inc lude Beijing’s subsidies for strategic Chinese industries, in addition to forced technology transfers and intellectual property theft. “Ninety days is very little time to fix these perennial issues,” said Bill Adams, senior economist at PNC. Complicating the challenge, Trump’s complaints strike at the heart of the Communist Party’s state-led economic model and its plans to elevate China to political and cultural leadership by creating global champions in robotics and other fields. “It’s impossible for China to cancel its industry policies or major industry and technology development plans,” said economist Cui Fan of the University of International Business and Economics in Beijing. At the same time, analysts said they were relieved that the Trump-Xi meeting at least pressed the “pause” button on tariff hikes. Besides escalating existing tariffs, Trump had threatened to impose import taxes on the remaining $267 billion of US goods from China. This would have raised
prices in the United States on many consumer items, including smartphones, clothes and toys. Fears of a hotter trade war had sent financial markets tumbling in October and November. But they jumped on Monday in response to Saturday’s truce. The Dow Jones industrial average closed up 288 points, a gain of 1.1 percent. Megan Greene, chief economist at Manulife, said the market’s recent decline had likely contributed to Trump’s willingness to reach a truce. “We are no longer in the same buoyant economic or markets environment that we enjoyed earlier this year when threats of tariffs against China were first made,” she said. In the meantime, the outlines of the agreement remain hazy and in some cases, confusing. Trump tweeted late Sunday that China had agreed to “reduce and remove” its 40 percent tariff on cars imported from the US. Treasury Secretary Steven Mnuchin said on Monday that there was a “specific agreement” on the auto tariffs. Yet Kudlow said later that there was no “specific agreement” regarding auto trade, though he added, “We expect those tariffs to go to zero.” Shares of US and overseas auto companies rose on the announcement, though it’s unclear how much companies like GM or Ford will actually benefit. Nearly all the cars they sell in China are made there. Det a i l s rega rd i ng C h i n a’s pledge to buy more American products—one that it has made before—remain scant. Mnuchin said on Monday morning on CNBC that China had offered to buy up to $1.2 trillion of additional US goods, even while the “details of that still need to be negotiated.” But Kudlow said the ultimate amount will depend on market prices and the health of China’s
economy. “I would think of that as a broad goal,” he said. State-run Chinese media has described the agreement very differently from how the Trump administration has. It has made no mention of any changes to its auto tariffs. And it has said nothing about a 90-day deadline for the talks. Greene said this might simply reflect China’s communications strategy. Or it might illustrate China’s weak commitment to the deal. China agreed to eliminate the retaliator y tariffs it had placed on US soybeans, according to the W hite House, which also said Beijing had agreed to buy an unspecified but “ver y substantial ” amount of agricultural and other products. That left some US farmers cautiously hopeful on Monday. “This is the first positive news we’ve seen after months of downturned prices and halted shipments,” said John Heisdorffer, a farmer in Keota, Iowa, who is president of the American Soybean Association. “If this suspension of tariff increases leads to a longer-term agreement, it will be extremely positive for the soy industry.” Kevin Scott, who farms near Valley Springs, South Dakota, and serves on the American Soybean Association, said the news provides hope for farmers who are storing their crops while awaiting better prices. But he cautioned “it’s going to take a little more to move more beans.” Among the skeptics is Scott Gauslow, who grows soybeans and corn near Colfax in eastern North Dakota’s Red River Valley. He noted the lack of specifics in the White House announcement. “What if China calls tomorrow and says, ‘We changed our mind’?” Gauslow said. “There was nothing in writing, which scares me a little bit.” AP
U.S.-APPOINTED LAW FIRM DETAILS EVIDENCE OF ROHINGYA GENOCIDE
A
LAW firm tasked by the US State Depar tment to probe Myanmar ’s treatment of the Rohingya ethnic minority said it found evidence of genocide, crimes against humanity and war crimes. The Public International Law and Policy Group called for an “accountability
mechanism” to be set up urgently, or for the situation to be referred to the International Criminal Court. The Washington-based group found evidence of violations, including murders, willful killings, enslavement, rapes, torture, looting and destruction of civilian property.
More than 700,000 Rohingya fled their homes for refugee camps in Bangladesh after Myanmar security forces last year started what they called “clearance operations” in response to militant attacks. The United Nations has previously said the operations involved systematic murder, torture and rape, as well
as the enslavement of civilian members of the minority. The crackdown led to global criticism of Myanmar’s de facto leader Aung San Suu Kyi, a Nobel Peace Prize winner who was held under house arrest for more than a decade before her release and election victory in 2015. Bloomberg News
A6 Wednesday, December 5, 2018 • Editor: Angel R. Calso
Opinion BusinessMirror
www.businessmirror.com.ph
editorial
Palm oil’s threat
T
WO weeks ago, the chief of the Department of Agriculture (DA) raised the possibility that the Philippines has become a dumping ground for cheap palm oil. (See “Surge in palm oil import raises fears of dumping,” BusinessMirror, November 23, 2018). The figures cited by Agriculture Secretary Emmanuel F. Piñol are, indeed, quite alarming. Piñol revealed that palm oil imports jumped 900 percent to 200 million kilograms in 2017, from just 20 million kg in 2016. Overproduction in countries regarded as major palm oil producers pushed the price down. Palm oil can influence the movement of international prices because it accounts for more than a third of vegetable oils being traded worldwide. And, according to the Philippine Coconut Authority (PCA), the price of palm oil has gone down steadily since December 2017. Data from the Philippine Statistics Authority (PSA) showed that the country’s imports of palm oil and its fraction (whether refined, but not chemically modified) reached 144.509 million kg in January to September. What is clear from the data is that there is a huge quantity of palm oil shipments to the Philippines, but the magnitude is unclear. This may be the reason the DA chief has used the “D” word. Dumping, defined by the World Trade Organization as a situation where the price of a product sold in the importing country is less than the product’s cost in the exporting country, is a serious issue. However, the government must look into the possibility that palm oil, despite its low international price, is still being smuggled into the country. In 2012 local palm growers belonging to the Philippine Palmoil Development Council Inc. complained of imports from Indonesia and Malaysia flooding the Philippine market. The nascent Philippine palm oil sector was hobbled by undervalued shipments and smuggled palm oil. That the local palm oil industry has not expanded significantly is proof that potential investors have been discouraged by the government’s failure to address these concerns. The recent jump in palm oil imports has also become worrisome for coconut farmers. The influx of cheap shipments depressed local copra prices, threatening to rob Philippine coconut farmers of their livelihood. The dilemma confronting farmers came about because of government’s foot-dragging. Interventions should have been introduced as early as last year, when wire agencies and international news organizations started reporting about the overproduction of palm oil and the movement of prices. Mitigating measures that the government would roll out this year are best compared to something that has lost its efficacy. Citing an analyst, Reuters reported two months ago that there will be a deficit of palm oil production in January to September 2019 because of faster consumption and slower growth in output. This means that palm oil would become more expensive starting the first quarter of next year. The projected rise in palm oil prices bodes well for the Philippines because this would cause the international price of coconut oil to accelerate. Fluctuations in prices are cyclical and are truly beyond the control of any government. But no government should say that it could not implement long-term measures that would avert undervaluation and smuggling. Since 2005
BusinessMirror A broader look at today’s business ✝ Ambassador Antonio L. Cabangon Chua Founder Publisher Editor in Chief Associate Editor News Editor Senior Editors
T. Anthony C. Cabangon Lourdes M. Fernandez Jennifer A. Ng Vittorio V. Vitug Lorenzo M. Lomibao Jr., Gerard S. Ramos Lyn B. Resurreccion, Efleda P. Campos Dennis D. Estopace
Online Editor Social Media Editor
Ruben M. Cruz Jr. Angel R. Calso
Creative Director Chief Photographer
Eduardo A. Davad Nonilon G. Reyes
Chairman of the Board & Ombudsman President VP-Finance VP Advertising Sales Advertising Sales Manager Group Circulation Manager
Judge Pedro T. Santiago (Ret.) Benjamin V. Ramos Adebelo D. Gasmin Marvin Nisperos Estigoy Aldwin Maralit Tolosa Rolando M. Manangan
BusinessMirror is published daily by the Philippine Business Daily Mirror Publishing, Inc., with offices on the 3rd floor of Dominga Building III 2113 Chino Roces Avenue corner De La Rosa Street, Makati City, Philippines. Tel. Nos. (Editorial) 817-9467; 813-0725. Fax line: 813-7025. (Advertising Sales) 893-2019; 817-1351, 817-2807. (Circulation) 893-1662; 814-0134 to 36. E-mail: news@businessmirror.com.ph.
www.businessmirror.com.ph
Printed by BROWN MADONNA Press, Inc.–San Valley Drive KM-15, South Superhighway, Parañaque, Metro Manila MEMBER OF
12052018
Breaking the silence and breaking the trade Teddy Locsin Jr.
FREE FIRE Continued from A1
‘I
T is a crime so awful; perpetrated by criminals so remorseless, we must keep their victims’ identities secret to shield them from reprisals by traffickers and their protectors among the police. In some sick societies, to spare them condemnation and death. On the off chance they enjoyed their sustained violation, some men cannot hear of sexual violence without having their obscene curiosity aroused. In some societies women are killed in the name of her lost honor because those her kinfolk feel more shame. Try and figure that out. “The fight against human trafficking begins with breaking the silence. If victims cannot speak with safety, we should speak out all the stronger for the outrage done to them. And out of shame because we did not protect them. It asks too much to make a violated woman speak, yet we demand personal testimony so that they are not violated again—maybe. No. We who never suffered—but whose fathers, husbands and sons use trafficked women—must speak out in their names; even as men must speak out from shame of their gender. “Laws cannot prevent human trafficking; but the stern enforcement of severe laws sends a clear message: There is only the victim and there are only the traffickers and their customers who are to blame and whose punishment is imperative. “Trafficking like drug dealing is not rooted in poverty; it feeds
off poverty. Social and economic circumstances and other social injustices do not share in the blame. These crimes have no other root than the bad people who traffic and their customers. Like drug dealing, human trafficking is entirely a bad people problem—the traffickers and their customers. Reduce the first by any means efficient to stop them; and their customers—we are tempted to propose—by any means sufficient to achieve the same. And yet, in some sick societies, the final penalty is carried out on the victims instead. “The Philippines adheres to the Palermo Protocol and urges others to adhere, as well. Our 2005 anti-trafficking law was patterned after it; we strengthened it in 2012 by criminalizing not just the principal perpetrator but the accomplices and accessories, as well. We increased the penalty and made human trafficking a predicate
Stop jueteng! Florante S. Solmerin
FACT IS MIGHT!
J
UETENG operations will not proliferate without powerful coddlers and protectors in the government. Instead of supporting and protecting the Small Town Lottery (STL) of the Philippine Charity Sweepstakes Office (PCSO), these corrupt government officials hideously protect illegal activities. At present, while there is no Authorized STL Agent (ASA) playing in Albay due to its termination for various violations on the STL implementing rules and regulations (IRR), a notorious jueteng lord is taking advantage of the situation. Some local officials and police officers in the province are reportedly protecting him. Well, payola is the
name of the game. Jueteng is also rampant in Cagayan in Northern Luzon, and again, this illegal numbers game is being operated by the same jueteng lord. In Camarines Sur, jueteng is rampant while there’s no STL operations for more or less six months now. The same notorious jueteng lord is again the culprit.
crime of money-laundering investigations. Take out the profit, you take out the business. Even better is to take out the traffickers. But this crime would not be so pervasive if not for those who seek out human trafficking for their pleasure. “Punishment proportionate to this worst of all offenses—especially where it involves children—is the first and foremost deterrent to its commission “The Philippines has convicted 369 criminals since the anti-trafficking law was enacted. “Because prevention is better than cure, we have conducted preventive campaigns and awareness-raising trainings down to the grassroots level. [94.89 percent of the most basic communities, called barangays, have included human trafficking in their agendas.] The Inter-Agency Council Against Trafficking in Persons, led by the Justice and Social Welfare ministries, and joined by a dozen other ministries, work side by side with civil society. We have made advocates out of teachers, parents and even dance groups. Only a whole-of-society approach will get the job done. We must be doing something right since in the last three years, the Philippines has been in Tier 1 in the US Anti-Trafficking in Persons Report. “All our foreign service posts are tasked to help and protect victims. In Posts where there is a huge Filipino population, we have centers that serve as shelters. We have more in the Philippines providing for the physical, mental, psychological and social recovery of victims. We have no interest in addressing the problem by extending the same caring services to traffickers. They can afford their
own funeral services. “A referral system connects the agency-members of the anti-trafficking council. Suspected traffickers, pedophiles and abusive employers are stopped at the border. We have hot line 1343 for reporting suspected trafficking. It works. “We do not believe that the transnational nature of human trafficking makes it difficult to detect. Unlike packets of drugs, which can be hidden, the victims of trafficking are full-sized human beings; trafficking should be easy to spot and to stop. Their retail outlets have neon signs. Yet trafficking slips through the mesh of the tightest net. It is obvious that law enforcement many times lifts the net or makes holes in it. “Thus, international cooperation is critical. So we take very seriously our Asean, Bali Process, child protection agreements and other regional and international commitments. At the UN, the Philippines is facilitating the resolution on trafficking in women and girls in the Third Committee. “Since we are on the issue of practical solutions, my President, as City Mayor, had the wisdom to turn over concerns of trafficking and sexual violence to women police officers. The move was brilliant. Women open up more easily to other women, speeding up the identification and investigation of perpetrators. Putting women at the helm of anti-trafficking efforts, giving them real power and not just token positions could dictate the successful outcome of this fight. Women are better at saving other women, we must concede. After all, it is said, there is a special place in hell reserved for women who do not help other women. Thank you.”
While this gambling lord is operating jueteng in some parts of Luzon, he is also taking millions of pesos from the government that is supposed to be collected by STL to help fund PCSO charity programs for poor and indigent people who cannot afford to pay for medicines or hospitalization. I’m just curious about the case of Camarines Sur. The Court has already junked the writ of injunction filed against Evenchance Gaming Corp., but it can’t resume operations due to the absence of a PCSO Board resolution. I don’t want to preempt PCSO regarding these things because I believe the Board will do its best to make sure STL will continue to operate in said province. That’s one effective way to stop the proliferation of jueteng. My point is, if the Court has junked the injunction, Evenchance should now be able to operate. We all know that its operations were
terminated allegedly due to violations in the IRR. However, it appears that all the “alleged” evidence against the corporation are fabricated because of politics. Good thing the one heading the said corporation has already changed his ways and decided to operate the legal STL instead of jueteng. I won’t stop reminding our countrymen that STL is earning an average of P2 billion a month this year. From January to October, it earned a whopping P21.9 billion from 82 ASAs. These ASAs might not be getting a lot of recognition for their efforts, but we cannot deny the fact that their revenues come from hard work. More or less 400,000 STL agents are investing blood, sweat and tears going around all corners of their respective areas three times a day just to collect revenues and help fund the government’s health programs. E-mail: fetad@yahoo.com.
Opinion BusinessMirror
www.businessmirror.com.ph
Wednesday, December 5, 2018 A7
Christmas bargains, Climate denial was the crucible for Trumpism bundling and competition Paul Krugman
NEW YORK TIMES
Atty. Amabelle C. Asuncion
Competition Matters
T
HE cold early-morning breeze, dancing streetlights and nostalgic Jose Mari Chan tunes cannot but signify that the Yuletide season is here. It is the time of year when godparents suffer temporarily from selective amnesia. The only antidote to this holiday disease is finding gifts that are millennially hip but cheap. Thankfully, this is within reach. Godparents no longer must choose between breaking the bank in the mall and penny-pinching in Divisoria. Ninongs and ninangs can scour a wide selection of products to discover the best deals. Creative promotions abound—buy one-take one, buy one-get a selected second item at a discount, bundled items at a discount, package deals, etc. To the frugal, these bargains are heavensent. But a word of caution is in order. Some of these deals are forms of tying and bundling, which the Philippine Competition Act considers as abusive conduct if practiced by a dominant player without efficiency justifications that benefit consumers. Tying occurs when the sale of goods (the tying product) is conditional upon the purchase of a different (tied) product, or upon the buyer agreeing not to purchase the tied product from another seller. Tying, which can involve products, services, franchises, intellectual property or combinations of these, may be contractual or technical. Contractual tying is more common and imposes the tie as a condition on the buyer. If a generous ninong wants to gift his favorite godchild with a car and is told by the dealer that the purchase is contingent on taking out a specific car insurance, then there is contractual tying between two distinct products. Maybe the ninong is only willing to spend on the car, leaving the purchase of insurance coverage to his inaanak. But with tying, he cannot buy the car without also taking out the recommended insurance. Technical or technological tying occurs when the tied product is physically integrated into the tying product such that it is impossible to purchase the latter without the former. For example, selling a printer that uses only cartridges produced by the same manufacturer. The buyer is forced to purchase cartridges of the same brand even if there are cheaper alternatives. Before buying your inaanak a popular battery-operated toy for half the price of other brands, check first if the toy requires expensive batteries that can only be purchased from the same manufacturer. Closely related to tying is bundling, wherein a package of two or more products is offered at a discount. Consumers are fond of bundles because of the convenience and the apparent savings they offer. The noche buena basket is the classic example during the Christmas season. For the most part, consumers benefit from bundles, of which there are two types: pure and mixed. Pure bundling is when two products can only be bought together and are unavailable for purchase separately. An example is the OTT (over the top) delivery of film and TV content via the Internet, where a subscription comes with preselected content that cannot be unbundled and bought individually. Mixed bundling is when two products are available for sale separately but are sold at a discount when bought together. Value meals and gift sets are examples. Another example is the “buy one, get a second item at a discount” deal. Mixed bundling is often favored because it offers options while still allowing buyers to purchase the products separately. Tying and bundling are common commercial practices that may redound to the benefit of consumers.
The economic logic is that tying and bundling reduce costs and allow economies of scale and scope for producers, which lead to higher sales, and lower prices. But these can raise competition concerns because of potential foreclosure of competitors and extraction of consumer surplus. A tie has the effect of foreclosure if it restricts the opportunities available to competitors, frequently in the tied product. The tie is used as leverage by an entity dominant in one product market to foreclose sales in a second product market. In the battery-operated toy example above, the manufacturer tries to leverage its market power in the production of the popular toy against competitors in the market for batteries. Due to the tie, competition in the second market could be foreclosed, to the detriment of consumers. A tie is also harmful if it amounts to extraction; that is, consumers are forced to purchase both products and therefore pay more. The consumer could have saved money were it not for the tying because they are interested in buying only the tying product. When the tying and bundling have such foreclosure and extraction effects, the practice will be considered anticompetitive unless the dominant entity engaged in it presents objective and efficiency justifications. These justifications include improvement of production and distribution, technical and economic progress, and consumer benefit. To a consumer, the disadvantages of tying and bundling may be unclear. The thrifty godparents may be too happy to find any promo that looks like a good bargain. Consider, however, this scenario: after years of living together, you propose to marry your significant other, and then are told that the proposal will be accepted only if you agree to have your future mother-in-law move in with you; or your proposal is accepted and, on your wedding day, you find out that your mother-in-law will live with you thereafter. Since you really want to marry your significant other, you end up accepting the arrangement. This is a case of tying between your significant other and your mother-in-law, or more specifically, your marriage and the living arrangements of your mother-in-law. Compare this with another scenario: You ask for your beloved’s hand in marriage, and your future in-laws agree for as long as you live in the new condominium unit that they bought. In this case, your marriage is tied to living in the new condominium unit. Which of the two ties would you consider a good deal? Surely, promos that involve tying and bundling can be aguinaldo for your conscientiousness and generosity. But while some of these deals may feel like winning a grand raffle, others sound like a prenuptial agreement. It is quite a treat if it feels like the first; but if it feels like the second, it is no Christmas bargain. Before her appointment to the Philippine Competition Commission, Commissioner Asuncion was engaged in corporate and commercial practice and served as chief legal counsel of a top company and a corporate partner of a law firm. She was also previously involved in legislative, law and policy reform, advocacy and adjudication work. Commissioner Asuncion has a master of laws degree (with distinction) in International Legal Studies from Georgetown University Law Center in Washington, D.C., and is admitted to the New York bar.
M
ANY observers seem baffled by Republican fealty to Donald J. Trump—the party’s willingness to back him on all fronts, even after severe defeats in the midterm elections. What kind of party would show such support for a leader who is not only evidently corrupt and seemingly in the pocket of foreign dictators but also routinely denies facts and tries to criminalize anyone who points them out? The answer is, the kind of the party that, long before Trump came on the scene, committed itself to denying the facts on climate change and criminalizing the scientists reporting those facts. The GOP wasn’t always an antienvironment, anti-science party. George H.W. Bush introduced the cap-and-trade program that largely controlled the problem of acid rain. As late as 2008, John McCain called for a similar program to limit emissions of the greenhouse gases that cause global warming. But McCain’s party was already well along in the process of becoming what it is today—a party that is not only completely dominated by climate deniers, but is hostile to science in general, that demonizes and tries to destroy scientists who challenge its dogma. Trump fits in with this mindset. In fact, when you review the history of Republican climate denial, it looks
a lot like Trumpism. Climate denial, you might say, was the crucible in which the essential elements of Trumpism were formed. Take Trump’s dismissal of all negative information about his actions and their consequences as either fake news invented by hostile media or the products of a sinister “deep state.” That kind of conspiracy theorizing has long been standard practice among climate deniers, who began calling the evidence for global warming —evidence that has convinced 97 percent of climate scientists—a “gigantic hoax” 15 years ago. What was the evidence for this vast conspiracy? A lot of it rested on, you guessed it, hacked e-mails. The credulousness of all too many journalists about the supposed misconduct revealed by “Climategate,” a pseudo-scandal that relied on selective, out-of-context quotes from e-mails at a British university,
What happens if. . .
I
By Charles M. Blow | New York Times News Service
NO longer think that anyone in America, including Donald J. Trump’s most loyal supporters, can afford to put off the consideration of the central question of this administration: What if Trump or those closest to him were compromised by the Russians or colluded with them? There have always been those of us on the left who viewed his presidency as compromised, asteriskworthy if not wholly illegitimate, because of the Russian interference. A crime had been committed by Russia, and Trump cheered the crime and used the loot thereof to advance his candidacy. That is clear. The Russians made repeated attempts to contact people in Trump’s orbit and in some cases were able to meet with members of the team, as evidenced by the Trump Tower meeting. That is clear. Members of Trump’s team were extremely interested in and eager to accept any assistance that the Russians could provide. That is clear. And since assuming office, Trump has openly attempted to obstruct justice and damage or impede the investigation into what the Russians did and whether anyone in his orbit was part of the crime. That too is clear. But for the people who support and defend Trump, this has already been absorbed and absolved. They may not like it, but they are willing to overlook it. Indeed, they are so attached to Trump that his
fortunes and his fate have become synonymous with theirs. There is a spiritual linkage, a baleful bond, between the man and his minions. But what happens if the evidence that the investigation by the special counsel, Robert Mueller, uncovers reveals a direct link between Trump and the Russians? How do Trump’s boosters respond? Last week, when Trump’s former lawyer, Michael Cohen, pleaded guilty to lying to Congress about the timeline and the extent of Trump’s involvement in negotiations for a Trump Tower in Moscow, the political earth shifted. If Trump was lying to or misleading the American people about his efforts to do business in Russia while running for president and the Russians knew—and presumably had evidence—that he wasn’t being completely honest and forthcoming, then he was compromised. While it is by no means clear that the Russians ever used any information that they may have had to blackmail or otherwise pressure Trump, Cohen’s plea makes clear that they had the material to do just that. This brings ever more clarity to
prefigured the disastrous media handling of hacked Democratic emails in 2016. (All we learned from those e-mails was that scientists are people —occasionally snappish, and given to talking in professional shorthand that hostile outsiders can willfully misinterpret.) Oh, and what is supposed to be motivating the thousands of scientists perpetrating this hoax? We’ve become accustomed to the spectacle of Trump, the most corrupt president in history leading the most corrupt administration of modern times, routinely calling his opponents and critics “crooked.” Much the same thing happens in climate debate. The truth is that most prominent climate deniers are basically paid to take that position, receiving large amounts of money from fossil-fuel companies. But after the release of the recent National Climate Assessment detailing the damage we can expect from global warming, a parade of Republicans went on TV to declare that scientists were saying these things only “for the money.” Projection much? Finally, Trump has brought a new level of menace to US politics, inciting his followers to violence against critics and trying to order the Justice Department to prosecute Hillary Clinton and James Comey. But climate scientists have faced harassment and threats, up to and including death threats, for years. And they’ve also faced efforts by politicians to, in effect, criminalize their work. Most famously, Michael E. Mann, creator of the famous
“hockey stick” graph, was for years the target of an anti-climate science jihad by Ken Cuccinelli, at the time Virginia’s attorney general. And on it goes. Recently a judge in Arizona, responding to a lawsuit by a group linked to the Koch brothers (and not understanding how research works), ordered the release of all e-mails from climate scientists at the University of Arizona. To forestall the inevitable selective misrepresentation, Mann released all e-mails he exchanged with his Arizona colleagues, with explanatory context. There are three important morals to this story. First, if we fail to meet the challenge of climate change, with catastrophic results—which seems all too likely—it won’t be the result of an innocent failure to understand what was at stake. It will, instead, be a disaster brought on by corruption, willful ignorance, conspiracy theorizing and intimidation. Second, that corruption isn’t a problem of “politicians” or the “political system.” It’s specifically a problem of the Republican Party, which has burrowed ever deeper into climate denial even as the damage from a warming planet becomes more and more obvious. Third, we can now see climate denial as part of a broader moral rot. Trump isn’t an aberration; he’s the culmination of where his party has been going for years. You could say that Trumpism is just the application of the depravity of climate denial to every aspect of politics. And there’s no end to the depravity in sight.
Trump’s curious inclination to go soft on Russia condemnation, to take Russian President Vladimir Putin’s word over that of his own intelligence agencies, and to drag his feet in acknowledging that Russia attacked our election in 2016 and may continue to do so in the future. How would Americans who support Trump now respond to evidence that Team Trump put their own personal and financial interests over the national interest? Would they break from their blind support and turn away from him and turn on him? How could they justify wearing the blinders for so long and countenancing so much? What language would they use to correct their complicity? There is a precedent in the Nixon investigation. When the evidence of wrongdoing was clear and incontrovertible, people began to peel away, tails tucked and full of shame. But that was a different time, one in which the media wasn’t so fractured and partisan, before the advent of social media and our current dissociable mentalities. Nixon had no propaganda arm. Trump has one. It’s called Fox News. There is little daylight between the network’s programming and the White House’s priorities. If Trump goes down, so too does Fox, in some measure. So the network has a vested interest in defending Trump until the bitter end, and that narrativecrafting could impede an otherwise
natural and normal disaffection with Trump. Furthermore, Trump does not strike me as a man amenable to contrition or one interested in the health and stability of the nation. I expect Trump to admit nothing, even if faced with proof positive of his own misconduct. There is nothing in the record to convince me otherwise. He will call the truth a lie and vice versa. I also don’t think that Trump would ever voluntarily leave office as Nixon did, even if he felt impeachment was imminent. I’m not even sure that he would willingly leave if he were impeached and the Senate moved to convict, a scenario that is hard to imagine at this point. I don’t think any of this gets better, even as the evidence becomes clearer. I don’t believe that Trump’s supporters would reverse course in the same way that Nixon’s did. I don’t believe that the facts Mueller presents will be considered unassailable. I don’t believe Trump will go down without bringing the country down with him. In short, I don’t believe we are reaching the end of a nightmare, but rather we are entering one. This will not get easier, but harder. The country is about to enter the crucible. This test of our republic is without a true comparison. And we do not have a clear picture of how the test will resolve. But, I believe damage is certain.
Peace talks over Yemen war are worth pursuing
T
HE prospect of peace talks over war-ravaged Yemen is welcome, even if the chances of a permanent end to hostilities aren’t good. The meetings in Sweden should mean a cease-fire and international aid to halt a famine that threatens to kill millions. They would also allow time for the governments beyond the region to pressure the combatants to find common ground. That effort would be more promising if it were led by the US, which has the most leverage over the combatants with the greatest firepower: the coalition of Arab nations led by Saudi Arabia. The US also has longstanding relationships with many
Yemeni groups, developed over years of providing economic assistance and conducting joint counterterrorism exercises. Regrettably, the Trump administration seems less interested in ending the hostilities than in blaming Iran, which backs the Houthi rebels in control of much of the country. To be sure, Iran is in the wrong, but the administration’s position—and its unquestioning support of the Saudiled coalition—won’t help to end the fighting. The administration has gone so far as to block a resolution in the UN Security Council calling for a cease-fire and the resumption of humanitarian assistance.
The US Senate is attempting to fill the vacuum created by the White House’s inability to lead on this issue. It has advanced a bill to end all American military assistance to the Arab coalition. The measure has little chance of passing in the House of Representatives this year, but the Senate may try again early in 2019, when the Democrats will have a House majority. Until then, the Senate should maintain pressure on the Trump administration to press the Saudis and their allies to stop their campaign and let relief reach the starving Yemenis. Hearings that draw attention to the humanitarian crisis
would help, as would investigations of the war crimes alleged by humanrights groups. The coalition responded to a previous halfhearted US call for a cease-fire by halting its assault on the port of Hodeidah, a crucial entry point for aid—but only for a few days. After more than three years of trying, Saudis believe they might yet win decisively; and Iran, which has been shipping arms to the Houthis, benefits from keeping its Arab adversaries tied in endless conflict. This doesn’t bode well for the peace talks—but it’s worth a try, especially if the US takes the lead. Bloomberg View
2nd Front Page BusinessMirror
A8 Wednesday, December 5, 2018
www.businessmirror.com.ph
‘Radars a bigger worry than weather stations’
T
By Rene Acosta
@reneacostaBM
HE Philippine military is more concerned with the radars and other monitoring apparatus that China has put up in the Spratlys and not the weather stations, as these monitoring equipment can greatly impair the country’s territorial capability, Defense Secretary Delfin N. Lorenzana said on Tuesday. For instance, the radars installed by China in the territory it occupied can neutralize communication systems of the Armed Forces
of the Philippines (AFP) and help steer Chinese missiles into their targets, Lorenzana said in an interview with CNN Philippines.
“We should be concerned [with] radars...radars that will neutralize our communications, to jam our communications. Radars that can guide missiles to destination, that’s what we are concerned about, not the weather stations,” he said. The US think tank Center for Strategic and International Studies earlier said that Beijing had already installed radars in all of the seven Philippine-claimed reefs it has occupied, as well as developed in the Spratly Group of Islands, and have even reinforced them w ith weapons systems, including missiles. These radars were monitored and installed in Fiery Cross, Subi and Mischief Reefs, which China considered as its biggest military facilities in the disputed territory, with Subi showing at least 12 ra-
House panels back withdrawal from IPU
T
WO committees of the House of Representatives on Tuesday approved a measure supporting the country’s withdrawal from the Inter-Parliamentary Union (IPU) and a bill mandating government agencies to act within three days on all reports of possible human-rights violations. House Resolution 2270, which was approved by the House Committee on InterParliamentary Relations and Diplomacy, was filed by Minority Leader Danilo Suarez following Speaker Gloria Macapagal-Arroyo’s recommendation to pull out of the IPU over its interference in the country’s judicial processes.“Speaker Gloria Macapagal-Arroyo has
recommended the withdrawal of our membership from the Inter-Parliamentary Union after the IPU expressed its intention to visit the country to investigate further on the cases of the said government officials,” Suarez said in the resolution. “Be it resolved, as it is hereby resolved, for the House of Representatives to express its support for the withdrawal of the membership of the Philippines from the Inter-Parliamentary Union,” Suarez added. According to Suarez, the international lawmakers’ group “stepped outside its boundaries with its interference in the country’s judicial processes which runs counter to the principle of State sovereignty.”
EASTERLIES AFFECTING THE WHOLE COUNTRY as of 4:00 pm - December 4, 2018
Suarez also cited the two IPU resolutions on its investigation of the cases of Senators Leila M. de Lima and Antonio F. Trillanes IV.
Human rights
ALSO on Tuesday, the House Committee on Human Rights approved a bill mandating government agencies to act within three days on all reports of possible human-rights violations. Bayan Muna Party-list Rep. Carlos Isagani Zarate, who filed the House Bill 1617 together with members of the Makabayan bloc, urged the leadership of the House of Representatives to fast-track the passage of the bill. Continued on A2
“We should be concerned [with] radars...radars that will neutralize our communications, to jam our communications. Radars that can guide missiles to destination, that’s what we are concerned about, not the weather stations.”—Lorenzana
domes on top of observation towers. Similar, but smaller, radars were also installed at Gaven, Hughes Johnson South and Cuarteron Reefs, which completed Beijing’s fortifications in the disputed territory. While the installations and use of the radars are already public knowledge in the region, Lorenzana said the military could not physically validate them, and even attempts
to spot them by way of air patrol cannot be taken since these flights are being challenged all the time. “We cannot go there and inspect them physically,” he said. “We will not know,” he admitted, adding that every time the military “will fly by near [and] not above... those artificial islands, China resists. Every time we do that, we are being challenged.” Aside from radars, the US said that China has also deployed communications and radar jamming equipment in the Mischief and Fiery Cross Reefs, which poses threats against Beijing’s rival claimant states. Lorenzana said it is these equipment and the radars that worry the military, and not the weather stations that are also operating in the Mischief, Subi and Fiery Cross
Reefs. The defense chief also admitted that the existence and operations of the weather stations have not been verified by the AFP, particularly the Western Command (Wescom), despite China’s admission of their use. “The Wescom hasn’t come up. I don’t think they were able to successfully find out physically if the weather stations are really there because, if you look at the map of the reclaimed islands, artificial islands of the Chinese, so many structures, buildings are there. So, we don’t know which one is there,” he said. “The weather stations to monitor weather and advise ships and aircraft passing through the area… so what’s the big deal? It’s just [a] weather station to monitor the weather,” he added.
House okays on 2nd reading bill for a draft federal charter; alert raised By Jovee Marie N. dela Cruz
T
@joveemarie
HE House of Representatives on Tuesday approved a measure providing for the draft federal charter. Through viva voce voting, the lower chamber approved Resolution of Both Houses 15 on second reading. The RBH 15 is expected to be approved on third reading next week before the Christmas break of the 17th Congress. During the period of individual amendments, the plenary rejected ACT Teachers Rep. Antonio Tinio’s proposal on an anti-dynasty provision. RBH 15, principally authored by Speaker Gloria Macapagal-Arroyo, seeks a presidential-bicameral-federal system of the government. It also empowers Congress to establish federal states by convening Congress into a constituent assembly (Con-ass). RBH 15 is one of the priority measures of President Duterte in his last State of the Nation Address (Sona). The resolution also returns the vice president to the line of succession to the presidency, which was removed earlier. It also lifts the term limits for members of Congress while lawmakers shall be required to have a college degree. The RBH 15 said the first election under the new Constitution shall be held on the second Monday of May 2022. Meanwhile, the term of the president and vice president, which
Budget bill. . . Continued from A1
the 2019 national budget had been prepared in the Executive branch,” Recto explained. In addition to new laws, Recto noted “there is the Supreme Court ruling on the IRA [internal revenue allotment] case, which now adds billions in revenue plowbacks to local governments.” Recto recalled that “the ink had already dried on the proposed 2019 budget when this was promulgated.” He pointed out that “nature also contributed to the need to recast portions of the budget,” citing, for instance, the damage caused by Typhoon Ompong which, he estimated, “will cost billions to repair and was impossible to forecast.” According to Recto, “the truth is, developments break while the budget is being heard in Congress. The correct response is to try to accommodate them in the budget and not to totally ignore them.”
shall end in 2022, shall not be extended. The incumbent president is prohibited from running in the 2022 elections. House Constitutional Amendments Committee Chairman Vicente Veloso of Leyte clarified that the draft federal charter is a twoyear product of public consultations and several other drafts proposed by the PDP-Laban, the Consultative Committee, former ABS Party-list Rep. Eugene de Vera and Pampanga Rep. Aurelio Gonzales. Earlier, Arroyo said the proposed shift to a federal form of government will materialize during her term. “Of course, we know that there will still be many steps. But the thing is, we will bring it as far as we can bring it in the hope that the next Congress can continue the work,” said Arroyo. However, Arroyo said the House will work on Charter change (Cha-cha) as best as it could.
Dangerous
BAYAN Muna Chairman Neri Colmenares said the rushing of the approval of Resolution of Both Houses 15 on second reading paves the way for its speedy approval on third reading next week. “Speaker Arroyo’s Cha-cha is a sign that the renewed push for Cha-cha is serious and dangerous. The people cannot afford to let our guard down. The only way for Speaker Arroyo to maintain her chances of returning to Malacañang is if the 2019 elections are canceled and she remains Speaker until 2022. If Cha-cha is not passed
Rice tariffication, coco levy
ONE of these supervening events, he noted, is the rice tariffication bill. “If it will be signed into law while the 2019 national budget is still being debated in the Senate, then the Senate should fund the law’s mandate that a minimum P10 billion be annually provided for farmers to cope with the removal of import restrictions,” said Recto, recalling that this was “a promise given by the government to farmers, which it must redeem.” Should President Duterte opt to sign the coco levy bill ahead of the Senate approval of the 2019 budget, Recto suggested that senators likewise incorporate into the 2019 budget the P10 billion it guarantees in yearly appropriations. “The return of the levy has been delayed. It is an injustice to subject its funding to dilution,” he adds. According to Recto, another landmark legislation that requires funding before the start of the next fiscal year is the universal health care law, citing preliminary estimates that
and elections are held, Speaker GMA will be forced to step down as this is her third term, which makes it difficult to come back in 2022,” he said. “Article XVII Section 4 of RBH 15 provides that the ‘first election under the new Constitution shall be on the second Monday of May 2022.’ The plan of Speaker Arroyo to have a constituent assembly [Con-ass]-approved Cha-cha by December and have it ratified by February or even March of 2019 means that the 2019 elections will be canceled because the new Constitution sets the date for election in 2022,” he added. Colmenares added that “instead of focusing on our bill to repeal TRAIN law’s excise tax, Congress spends more effort on this selfserving Cha-cha since it lifts term limits, cancels the 2019 elections and deletes the constitutional prohibition of political dynasty, which many politicians find palatable. We must actively oppose Cha-cha while in Congress.” Colmenares, urged all those who filed their certificates of candidacy to challenge the incumbent politicians, to oppose the task force and this renewed Cha-cha attempt. “Candidates who wish to challenge incumbent politicians, especially those coming from political dynasties, should oppose this Chacha. Not only is their opportunity to run endangered by Cha-cha, but the lifting of term limits means that the current incumbent officials can still run in 2022 and beyond.”
about P18 billion must be added to what was provided in the 2019 General Appropriations Bill. Moreover, the senator listed the Bangsamoro Organic Law (BOL) as “one big promissory note we have issued to our brothers in the South,” airing concerns that “the consequences are great if we default on this.” He insisted that the first down payment in realizing the many promises of BOL must be in the 2019 budget. Recto, however, acknowledged that “admittedly, there is tight budget space, and not much reallocable funds to go around, in filling these gaps. Budgeting is a zero-sum game. By law, we cannot breach the total ceiling that the President has recommended.” Asserting that “a peso is better than zero,” the senator said that the least the Senate can do is “put some money, rechanneled from low-priority and postponable expenditures, into these laws and programs so they can qualify for augmentation in a manner compliant with established rules.”
Editor: Efleda P. Campos
Companies BusinessMirror
Wednesday, December 5, 2018
B1
‘PXP must formally ask DOE to lift SC 72 moratorium’
P
By Lenie Lectura
@llectura
XP Energy Corp. needs to make a formal request to the energy department to lift the moratorium on exploration and drilling works in Recto Bank under Service Contract (SC) 72, Energy Secretary Alfonso G. Cusi said on Tuesday. “It’s not us that will operate there. You should tell us, write us,” Cusi told PXP Energy President Daniel Stephen Carlos on the sidelines of
the 2018 Energy Investment Forum. Carlos approached Cusi after the energy secretary delivered his speech. He asked the Department
of Energy official for an update of the moratorium, which the DOE issued in December 2014, amid rising maritime tension with China then. PXP Energy holds a 78.98-percent controlling interest in UK-based Forum Energy Plc., which, in turn, has a 70-percent stake in SC 72, an oiland-gas-exploration permit covering the Sampaguita natural-gas prospect in the Reed Bank, to the west of Palawan. Carlos said he would have to report to the PXP board about Cusi’s comments. “We were waiting for instructions from the DOE since they imposed the moratorium. But if Cusi says it should come from us, then we will
request to lift the force majeure. I will tell Mr. Pangilinan,” the PXP official said. Manuel Pangilinan is the chairman of PXP. Pa n g i l i n a n i s ho pi n g t he memorandum of understanding (MOU) between the Philippines and China for the joint exploration in the South China Sea “could lead to some positive steps that we can take in respect of the work program that the group presented to the previous administration in respect of the exploration and development work.” Carlos said PXP has yet to be advised by the government on its next step following the MOU signing.
“The next step is for them to form steering committees. Below that, there will be working groups under the MOU. On the part of China, CNOOC [China National Offshore Oil Corp.] is the designated company and for us it’s the Philippine National Oil Co. and the existing service contractors. In the case of SC 72, that’s us. We will talk with CNOOC on that.” Once the moratorium is lifted, PXP will proceed to drill two wells in a period of 20 months at an estimated cost of $60 million. He hopes that exploration activities under SC 72 will yield positive results. “We are focused on the upstream sector,” said Carlos when
asked if exploration and drilling activities in SC 72 is dependent on the possible entry of Pangilinan’s Group into the liquefied natural gas (LNG) project of Phoenix Petroleum Corp. Phoenix Petroleum Philippines Inc. is granting preferential rights to PXP Energy to participate and acquire up to a 49-percent equity in the former’s project to build an LNG terminal and a gas-fired power plant with Chinese partner CNOOC. PXP and CNOOC used to discuss a possible joint exploration of SC 72 to develop a part of the Reed Bank. However, talks did not prosper then after the Philippine government declared force majeure.
8990 expected to increase capital expenditure by 25% to ₧10 bilion in 2019 By VG Cabuag
M
@villygc
ASS-HOUSING builder 8990 Holdings Inc. said it will spend P10 billion next year, which would include some P1 billion in expenditures for its new hotel venture, as the company hopes to build more units aimed at the working class. Willibaldo J. Uy, the company’s president and CEO, said the spending next year is 25 percent
higher than this year’s P8 billion in capex. “We’re doing a lot of tightening next year. Our market is the affordable-housing market. As much as possible, we should not move prices,” Uy told reporters. As interest rates rise, many property developers are increasing their prices to finance construction through debts. Uy said he is recommending a 10-percent increase in prices by
next year, but that rate is still up for board approval. Profits and revenues of the mass-housing builder has been on the decline since the assumption of the Duterte administration, which could not issue permits on time, resulting in construction delays. This year, however, the company’s revenues recovered and is expecting a banner year with the projects starting to move.
8990 is expecting its revenues to increase by 39 percent by the end of the year, from last year’s P11.77 billion. “I think it’s doable. I will know in the next two weeks,” Uy said. 8990 earlier said its newly formed unit 8990 Leisure and Resorts is spending P5 billion worth of investments to develop 3,000 hotel rooms in the next five years in Cebu, Makati, Davao, Palawan, Boracay, Siquijor, Alabang,
Manila, Iloilo, Legazpi, Clark, Lapu-Lapu, Siargao and Baguio. Its portfolio will include resort Adama, a five-star luxury family resort; luxury hotel Kura for the backpackers; and urban hotel Argo. For Januar y to September, 8990 said its net income grew 38 percent to P3.4 billion, from last year’s P2.46 billion. The company said it achieved the growth despite higher prices,
as there is still strong buyer demand for its projects. It explained people still have their jobs, but the hike in their salaries cannot keep up with the rising prices. Cash generated in the first nine months of 2018 almost tripled to P11.6 billion, from the P4.2 billion recorded in the first nine months of 2017. It has disbursed nearly P6 billion for its residential developments and for acquisition of raw land.
B2
Companies BusinessMirror
Wednesday, December 5, 2018
PSE STOCK QUOTATIONS
December 4, 2018
Net Foreign Stocks Bid Ask Open High Low Close Volume Value Trade (Peso) Buy (Sell) FINANCIALS
ASIA UNITED 59.5 60 59.2 60 59.2 60 22210 1332365 BDO UNIBANK 135.5 136 133.2 136.4 133.2 136 3862880 524167525 BANK PH ISLANDS 94 94.1 92 94.25 91.55 94 4932190 461312067.5 CHINABANK 27.6 27.65 27.8 27.8 27.5 27.6 164100 4531500 EAST WEST BANK 12.14 12.2 11.84 12.2 11.78 12.2 808300 9689408 METROBANK 79.45 79.9 76.85 80.75 76.6 79.9 12,649,690 1 ,002,828,884.5 PHIL NATL BANK 42.55 42.65 41.85 42.65 41.8 42.55 275400 11682240 PSBANK 71.25 73.6 74.7 74.7 71.15 71.2 1940 139371 PHILTRUST 106.2 117 106 117 106 117 480 54524 RCBC 29.15 29.2 29.05 29.25 29.05 29.2 75900 2216460 SECURITY BANK 165.3 166.9 164.4 167.8 164.3 166.9 454750 75428809 UNION BANK 66.6 66.95 67.3 68 66.5 66.6 16490 1110031 BRIGHT KINDLE 1.55 1.58 1.58 1.6 1.58 1.6 19000 30120 BDO LEASING 2.29 2.36 2.3 2.36 2.28 2.36 29000 67050 COL FINANCIAL 15.84 15.9 15.82 15.9 15.82 15.9 20600 326724 FERRONOUX HLDG 3.83 3.98 3.95 3.98 3.8 3.98 235000 908230 FILIPINO FUND 7.51 8.77 7.5 8 7.5 8 900 7150 IREMIT 1.42 1.47 1.42 1.42 1.39 1.42 36000 50860 MEDCO HLDG 0.47 0.48 0.48 0.48 0.47 0.47 650000 306550 MANULIFE 780 835 835 835 835 835 450 375750 NTL REINSURANCE 0.8 0.81 0.78 0.8 0.78 0.8 418000 332010 PHIL STOCK EXCH 176 180 175 180 175 176 2000 352020 SUN LIFE 1830 1874 1825 1825 1825 1825 440 803000 INDUSTRIAL ALSONS CONS 1.24 1.25 1.27 1.27 1.24 1.25 139000 173790 ABOITIZ POWER 33.3 33.45 33.1 33.45 32.9 33.45 2732600 90602240 BASIC ENERGY 0.247 0.248 0.248 0.255 0.248 0.248 1100000 273890 FIRST GEN 17.84 17.88 17.86 18.2 17.84 17.88 2198300 39638672 FIRST PHIL HLDG 63.3 63.4 63.2 63.55 62.2 63.4 67750 4288909.5 PHIL H2O 4.82 4.93 4.78 4.93 4.78 4.93 38000 185770 MERALCO 386 388 388 392.8 385 388 388770 150746692 MANILA WATER 27.75 28 27 28.35 26.85 28 2001800 55439290 PETRON 8.5 8.51 8.3 8.51 8.28 8.5 2063800 17341913 PETROENERGY 3.95 4.03 3.94 4 3.94 4 29000 115240 PHINMA ENERGY 0.89 0.9 0.89 0.92 0.88 0.9 380000 343030 PHX PETROLEUM 10.94 11 11 11 10.9 10.98 48400 529968 PILIPINAS SHELL 46.2 46.35 46.2 46.45 46.05 46.2 2438800 112685970 SPC POWER 5.44 5.5 5.44 5.52 5.44 5.44 1263700 6930905 VIVANT 16.06 16.96 17 17 17 17 100 1700 AGRINURTURE 17.5 17.62 17.8 17.84 17.44 17.62 540900 9536046 CNTRL AZUCARERA 17.3 17.9 17.02 17.98 17 17.98 3900 66802 CENTURY FOOD 15.32 15.58 15.58 15.8 15.24 15.58 544800 8506578 DEL MONTE 6.6 6.7 6.99 6.99 6.6 6.6 28000 186448 DNL INDUS 10.5 10.6 10.58 10.8 10.48 10.5 4174600 44067398 EMPERADOR 6.98 6.99 7 7 6.97 6.99 144500 1008636 SMC FOODANDBEV 84.15 84.4 83.6 84.4 83.55 84.4 2578730 216940085 ALLIANCE SELECT 1.02 1.03 1.04 1.05 1.01 1.03 8262000 8457890 GINEBRA 24.55 24.8 25 25 24.5 24.55 23700 588130 JOLLIBEE 289.6 292.8 286.8 298.8 286 289.6 1533830 448105466 MACAY HLDG 8.52 9.89 8.52 8.52 8.52 8.52 500 4260 MAXS GROUP 9.99 10 10.16 10.26 9.98 10 936900 9378908 MG HLDG 0.17 0.178 0.169 0.179 0.169 0.178 290000 50250 PEPSI COLA 1.35 1.37 1.39 1.4 1.34 1.37 589000 803280 SHAKEYS PIZZA 10.36 10.38 10.7 10.7 10.32 10.38 83100 866250 ROXAS AND CO 1.86 1.92 1.88 1.92 1.86 1.92 54000 102560 RFM CORP 4.81 4.83 4.8 4.83 4.72 4.81 832000 4000350 ROXAS HLDG 2.78 2.8 2.8 2.8 2.8 2.8 5000 14000 SWIFT FOODS 0.124 0.128 0.126 0.128 0.126 0.128 540000 68060 UNIV ROBINA 129.2 130 130 132 128 130 3104380 404470949 VITARICH 1.79 1.8 1.88 1.92 1.77 1.79 19316000 35329390 CEMEX HLDG 1.67 1.68 1.73 1.8 1.67 1.68 17558000 30406280 EAGLE CEMENT 15.2 15.26 15.24 15.46 15.2 15.2 109800 1672234 EEI CORP 8.51 8.55 8.64 8.64 8.5 8.55 542800 4632778 HOLCIM 6.1 6.14 6 6.1 5.91 6.1 54800 328086 MEGAWIDE 18.2 18.5 18.78 19.38 17.8 18.5 14776600 281162790 PHINMA 8.01 8.78 8.78 8.78 8.78 8.78 2600 22828 TKC METALS 0.83 0.86 0.83 0.86 0.83 0.86 62000 52380 VULCAN INDL 1.74 1.75 1.73 1.78 1.72 1.74 7179000 12566420 CROWN ASIA 1.6 1.61 1.57 1.62 1.57 1.6 152000 243300 MABUHAY VINYL 3.22 3.33 3.3 3.33 3.22 3.33 4000 13070 PRYCE CORP 5.3 5.53 5.58 5.58 5.49 5.5 25400 139732 CONCEPCION 37.2 37.45 37.45 37.45 37 37.2 1183700 43797475 GREENERGY 2.21 2.22 2.1 2.26 2.1 2.21 35967000 79263850 INTEGRATED MICR 9.5 9.51 9.62 9.62 9.32 9.5 2058000 19503149 IONICS 1.78 1.79 1.77 1.86 1.77 1.78 2150000 3886010 PANASONIC 6.01 6.1 6.09 6.1 6 6 21000 127290 SFA SEMICON 1.31 1.37 1.37 1.37 1.26 1.37 315000 424560 CIRTEK HLDG 32.75 33 33.3 34.35 32.3 32.75 507600 16,675,395( HOLDING & FRIMS ABACORE CAPITAL 0.6 0.61 0.64 0.65 0.6 0.61 45234000 28017710 ASIABEST GROUP 23.25 23.3 21.7 23.85 21.5 23.25 300400 6925520 AYALA CORP 970.5 971 949.5 978 947.5 970.5 581690 563156770 ABOITIZ EQUITY 53.95 54.45 53 54.75 51.9 54.45 11295570 590407682.5 ALLIANCE GLOBAL 11.82 11.84 11.54 11.84 11.52 11.84 24826800 290350108 ANGLO PHIL HLDG 0.78 0.89 0.89 0.89 0.89 0.89 1000 890 ATN HLDG A 1.44 1.45 1.51 1.52 1.42 1.45 14276000 20816650 ATN HLDG B 1.45 1.46 1.5 1.5 1.45 1.46 2178000 3207700 COSCO CAPITAL 7.25 7.38 7.35 7.42 7.26 7.35 3639100 26755897 DMCI HLDG 12.82 12.9 13 13 12.56 12.9 5437300 69373994 FILINVEST DEV 9.85 9.93 10 10 9.8 9.9 450600 4467137 FJ PRINCE A 4.61 4.98 6 6 4.61 4.61 11000 58390 GT CAPITAL 963 971 923 971 923 971 298320 286061685 HOUSE OF INV 5.94 6.24 5.95 5.95 5.95 5.95 6000 35700 JG SUMMIT 52.5 52.9 50.3 52.9 50.2 52.9 2980690 154621664 LODESTAR 0.54 0.55 0.55 0.55 0.51 0.54 1171000 622440 LOPEZ HLDG 4.1 4.11 3.99 4.13 3.92 4.1 17613000 70319480 LT GROUP 16.9 17 16.4 17.6 16.3 16.9 9845400 167272446 MABUHAY HLDG 0.58 0.61 0.58 0.62 0.57 0.61 1234000 754830 METRO PAC INV 4.93 4.94 4.91 5.05 4.9 4.94 53016000 262433460 PACIFICA 0.037 0.039 0.039 0.04 0.037 0.038 18900000 720000 PRIME ORION 2.4 2.42 2.31 2.45 2.31 2.4 1989000 4769580 SOLID GROUP 1.32 1.33 1.28 1.34 1.27 1.32 64000 83160 SYNERGY GRID 431 474.8 422.2 430.2 422 430.2 60 25570 SM INVESTMENTS 972 980 948 980 948 980 610900 593860070 SAN MIGUEL CORP 174.6 175 175 175 173.5 175 275310 48106802 SOC RESOURCES 0.74 0.78 0.75 0.75 0.74 0.74 1010000 747620 SEAFRONT RES 2.2 2.59 2.2 2.2 2.2 2.2 12000 26400 TOP FRONTIER 276 281 275 281 275 281 2650 741528 WELLEX INDUS 0.255 0.26 0.26 0.27 0.25 0.255 14390000 3729950 ZEUS HLDG 0.194 0.219 0.218 0.218 0.218 0.218 110000 23980 PROPERTY ARTHALAND CORP 0.59 0.6 0.58 0.6 0.56 0.6 1882000 1099460 ANCHOR LAND 9.67 10.6 10.6 10.6 10.6 10.6 300 3180 AYALA LAND 42.25 42.65 41.8 42.65 41.15 42.65 21121300 893087990 ARANETA PROP 1.79 1.84 1.84 1.84 1.84 1.84 3000 5520 BELLE CORP 2.25 2.26 2.3 2.35 2.24 2.25 1903000 4296990 A BROWN 0.78 0.79 0.79 0.81 0.78 0.79 1316000 1044230 CITYLAND DEVT 0.86 0.87 0.88 0.88 0.84 0.87 22000 18890 CROWN EQUITIES 0.225 0.226 0.218 0.226 0.218 0.225 4290000 958790 CEBU HLDG 5.85 5.9 6 6 6 6 100 600 CEB LANDMASTERS 4.01 4.1 4.05 4.12 4 4.1 302000 1229430 CENTURY PROP 0.405 0.41 0.41 0.41 0.405 0.405 2860000 1160450 CYBER BAY 0.34 0.35 0.35 0.35 0.34 0.35 320000 110000 DOUBLEDRAGON 18.36 18.38 17.96 18.78 17.96 18.38 319200 5871706 DM WENCESLAO 8 8.1 7.91 8 7.9 8 183200 1458135 EMPIRE EAST 0.485 0.49 0.495 0.495 0.485 0.49 130000 63350 FILINVEST LAND 1.47 1.49 1.47 1.5 1.47 1.47 7332000 10897030 GLOBAL ESTATE 1.12 1.13 1.07 1.13 1.06 1.12 6411000 7056320 8990 HLDG 7.57 7.59 7.58 7.59 7.56 7.59 106700 808238 PHIL INFRADEV 2.42 2.43 2.38 2.48 2.37 2.43 9905000 24223150 MEGAWORLD 4.81 4.82 4.75 4.82 4.73 4.82 23399000 112279480 MRC ALLIED 0.395 0.4 0.39 0.41 0.385 0.395 34570000 13749650 PHIL ESTATES 0.485 0.49 0.47 0.49 0.47 0.485 2770000 1343000 PRIMEX CORP 3.74 3.75 3.6 3.82 3.6 3.75 1051000 3950470 ROBINSONS LAND 21.6 21.8 21.65 21.8 21.1 21.8 3212600 69438615 PHIL REALTY 0.39 0.395 0.39 0.395 0.39 0.395 310000 121600 ROCKWELL 1.96 1.97 1.96 1.96 1.95 1.96 127000 248800 SHANG PROP 3.11 3.12 3.12 3.12 3.11 3.12 60000 187190 STA LUCIA LAND 1.17 1.19 1.19 1.19 1.16 1.19 1367000 1592110 SM PRIME HLDG 37.35 37.4 36.45 37.5 36.3 37.4 21873900 812243975 STARMALLS 5.61 5.62 5.3 5.85 5.29 5.61 1341500 7604137 SUNTRUST HOME 0.73 0.77 0.73 0.73 0.73 0.73 91000 66430 VISTA LAND 5.23 5.24 5.24 5.25 5.21 5.24 5867200 30745842 SERVICES ABS CBN 19.78 19.8 19.84 19.88 19.76 19.8 258900 5139062 GMA NETWORK 5.32 5.33 5.2 5.32 5.2 5.32 205200 1090467 MLA BRDCASTING 15.82 18 15.52 19.48 15.52 18.4 2000 37620 GLOBE TELECOM 2058 2090 2038 2100 2036 2090 86135 179399030 PLDT 1196 1198 1180 1200 1171 1196 161505 192946340 APOLLO GLOBAL 0.038 0.039 0.038 0.039 0.038 0.039 800000 31100 DFNN INC 7.14 7.7 8.09 8.09 7.14 7.14 13300 100652 ISLAND INFO 0.111 0.115 0.106 0.117 0.106 0.115 10350000 1158200 ISM COMM 6.13 6.14 6.19 6.25 5.85 6.14 16513400 100075260 NOW CORP 3.69 3.7 3.87 3.97 3.55 3.7 6254000 23365510 TRANSPACIFIC BR 0.405 0.41 0.41 0.42 0.405 0.405 25470000 10433850 PHILWEB 3.35 3.36 3 3.41 2.95 3.35 3324000 10586660 2GO GROUP 10.9 11 10.5 11.28 10.5 10.9 117300 1287744 ASIAN TERMINALS 12.72 13 13 13 13 13 200 2600 CEBU AIR 75.4 75.5 74.95 75.9 74.95 75.5 140510 10609640.5 CHELSEA 6.81 6.85 6.87 7 6.8 6.81 2338100 16027411 INTL CONTAINER 94.5 95.55 93.5 95.6 93.5 95.55 1747340 165712013.5 LBC EXPRESS 13.9 14 13.88 14 13.88 14 1100 15388 LORENZO SHIPPNG 0.76 0.79 0.79 0.79 0.79 0.79 8000 6320 MACROASIA 14.58 14.6 14.42 14.94 14.42 14.6 1315500 19277266 METROALLIANCE A 2.15 2.16 1.95 2.21 1.95 2.15 3404000 7173120 METROALLIANCE B 2.05 2.15 2 2.15 2 2.15 354000 739270 PAL HLDG 7.55 8 8.39 8.5 7.55 8.28 62300 483909 HARBOR STAR 3.29 3.3 3.31 3.4 3.29 3.29 2739000 9167130 WATERFRONT 0.71 0.72 0.66 0.74 0.66 0.71 14637000 10261500 CENTRO ESCOLAR 7.71 7.97 7.98 7.98 7.97 7.97 12600 100547 STI HLDG 0.6 0.61 0.6 0.62 0.6 0.6 12710000 7677540 BERJAYA 2.51 2.52 2.47 2.55 2.38 2.51 6059000 14989620 BLOOMBERRY 8.54 8.57 8.41 8.75 8.34 8.57 13088400 112314295 PACIFIC ONLINE 9.51 10.18 10.18 10.18 10 10 2900 29198 LEISURE AND RES 3.64 3.65 3.79 3.94 3.62 3.64 3178000 11895040 MANILA JOCKEY 5.48 5.54 5.49 5.53 5.48 5.48 40400 221687 MELCO RESORTS 6.96 7.12 7.19 7.2 6.95 6.95 47000 334575 PREMIUM LEISURE 0.68 0.69 0.7 0.71 0.67 0.68 13342000 9133470 TRAVELLERS 5.25 5.28 5.24 5.3 5.24 5.26 143800 757566 METRO RETAIL 2.27 2.28 2.3 2.31 2.25 2.28 1978000 4517160 PUREGOLD 42.5 42.55 42.7 42.7 42.5 42.55 3258500 138804530 ROBINSONS RTL 75.9 76.35 76.1 77 75.1 76.35 1650750 125814312.5 PHIL SEVEN CORP 119 120 119 121 118 120 15590 1863644 SSI GROUP 2.35 2.36 2.39 2.45 2.34 2.36 5477000 13134240 WILCON DEPOT 12.2 12.38 11.98 12.4 11.98 12.38 2409000 29733712 APC GROUP 0.37 0.38 0.37 0.38 0.37 0.375 780000 292900 EASYCALL 21 21.1 17.16 21.95 16.2 21.1 2504700 49973148 GOLDEN BRIA 319 325 316 325 316 325 2350 757310 PAXYS 3.06 3.44 3.38 3.45 3.38 3.44 13000 44400 PRMIERE HORIZON 0.32 0.325 0.32 0.325 0.31 0.325 250000 79800 SBS PHIL CORP 7.5 7.51 7.1 7.88 7.1 7.5 7729200 58114668 MINING & OIL ATOK 14.4 15.1 14.1 14.7 14.1 14.7 5900 84446 APEX MINING 1.62 1.63 1.64 1.64 1.6 1.63 1263000 2051630 ABRA MINING 0.0019 0.002 0.0019 0.002 0.0019 0.002 365000000 716100 ATLAS MINING 2.42 2.64 2.64 2.64 2.38 2.64 152000 396820 BENGUET A 1.08 1.2 1.24 1.24 1.2 1.2 3000 3640 BENGUET B 1.08 1.24 1.06 1.06 1.06 1.06 1000 1060 COAL ASIA HLDG 0.29 0.305 0.295 0.295 0.295 0.295 250000 73750 CENTURY PEAK 1.92 1.95 1.91 1.94 1.9 1.94 1018000 1936490 DIZON MINES 7.34 7.35 7.29 7.79 7.07 7.35 16400 120064 FERRONICKEL 1.69 1.7 1.7 1.71 1.69 1.7 1815000 3086560 GEOGRACE 0.205 0.208 0.201 0.208 0.2 0.205 210000 43400 LEPANTO A 0.094 0.096 0.094 0.096 0.094 0.096 1320000 125660 LEPANTO B 0.096 0.102 0.102 0.102 0.102 0.102 10000 1020 MARCVENTURES 1.07 1.1 1.1 1.1 1.1 1.1 4000 4400 NIHAO 1.03 1.05 1.03 1.07 1.03 1.05 24000 25240 NICKEL ASIA 2.34 2.36 2.27 2.43 2.26 2.34 7755000 18208300 OMICO CORP 0.54 0.6 0.55 0.55 0.55 0.55 50000 27500 ORNTL PENINSULA 0.91 0.92 0.92 0.93 0.91 0.91 317000 290990 PX MINING 2.68 2.69 2.52 2.75 2.52 2.69 1563000 4218100 SEMIRARA MINING 25.95 26 26.6 26.8 25.8 26 1619800 42246905 UNITED PARAGON 0.006 0.0066 0.0067 0.0067 0.0065 0.0066 7000000 45800 ORNTL PETROL A 0.012 0.013 0.013 0.013 0.012 0.012 73000000 882400 ORNTL PETROL B 0.012 0.013 0.013 0.013 0.012 0.012 51300000 615900 PHILODRILL 0.012 0.013 0.012 0.012 0.012 0.012 4700000 56400 PHINMA PETRO 3.12 3.14 3.06 3.18 3.02 3.12 116000 353150 PXP ENERGY 14.5 14.52 14.56 14.84 14.46 14.52 899700 13105680
PREFFERED HOUSE PREF A AC PREF B2 DD PREF SMC FB PREF 2 FGEN PREF G GLO PREF P GTCAP PREF A GTCAP PREF B PNX PREF 3B PCOR PREF 2A SMC PREF 2C SMC PREF 2D SMC PREF 2F SMC PREF 2I
94 475 98 971 102 460 846.5 895 102 928 76.3 72.05 74.25 73.45
PHIL. DEPOSITARY RECEIPTS ABS HLDG PDR
19.1 2.1
SMALL & MEDIUM ENTERPRISES ITALPINAS 4.62 XURPAS 1.36
113.5
774380 231490 -91488210 22706609 55624360 539880 901511 -22615526 -9850 121348760 21600569.5 -692380 68372382 4059.9999 16159340 -24000 154930555 -7194032 -7500 -465100 1060 29631175 -3952360 45050 -575900 -42000 2376240 -10283 4950 1562700 139040 9096 -10137820 33415080 -485450 -475090 -12479425 257195145 5150 -12459614 93136710 -26631645 18530 -105318 -269210 40500 -3282290 -5400 8047779.5 887280 -20317179.5 1110512 88785 311310 59350 -6317550 -77730 -1549036 254050 51695 -274540 -582749 232369.9997 -54887700 7554392 1278314 -857190 7666670 -25615 -53804039 32599.9999 -31480 20900 46310 -1050 -3283900 930 137690 -16750325 -9900 -1010612
95 490 97.9 970 102.5 475 943 895 102 990 76.35 73 74.95 73.5
97 490 98 998 102.5 475 943 895 102 990 76.35 73.9 75 73.5
95 489 97.9 970 102.5 475 943 895 102 980 76.35 71.4 74.95 73.5
97 489 98 998 102.5 475 943 895 102 980 76.35 73.9 75 73.5
330 4030 2860 60 18550 620 550 1480 1000 300 14680 13450 11220 130
31450 1970700 280254 58480 1901375 294500 518650 1324600 102000 296000 1120818 973060 841450 9555
-25454 -1120818 -
19.18
19.1
19.14
19
19.1
53500
1022340
-961520
2.13
2.24
2.39
2.09
2.13
1271000
2805220
-
4.67 1.37
4.58 1.34
4.7 1.39
4.58 1.31
4.67 1.37
402000 7220000
1867760 9803130
51330 -3188240
EXHANGE TRADE FUNDS FIRST METRO ETF
-20828915 74400 18735364 -825923.5 -19640 34468892 36192470 2049706 -201600 -3300 -19226685 95010 -1700 897208 952762 3355 -7591900 -403554 88554270.5002 52960 94590834 -4260 -2994446 23660 -752330 495310 6320 -93722472 557820 -12922540 -1169770 241895 27773684 -37000 17530 -32970 -0 682180 2121773.0003 39090 2,467,975.0001)
97 490 98.5 998 103 475 943 925 102.2 990 76.35 73.9 75 73.5
WARRANTS LR WARRANT
1325820 124411025 -26293564 -4048355 1784828 380996495 984180 -1168000 -2871860 -841438.9998 14400 -80000 17500 492750
114
111.9
114
111.9
114
15750
1783390
46592
Editor: Efleda P. Campos
DOT shortlists 4 advertising firms for refreshed PHL brand campaign By Ma. Stella F. Arnaldo
F
@akosistellaBM Special to the BusinessMirror
OUR advertising companies have been prequalified by the Department of Tourism (DOT) to bid for the P250-million contract to refresh the “It’s More Fun in the Philippines” brand campaign. Documents obtained by the BusinessMirror showed the four advertising firms as BBDO Guerrero Inc., DDB Philippines, TBWA/Santiago Mangada Puno Advertising Inc. and Weber Shandwick Philippines. The DOT’s notice on its web site said the deadline for submission of the technical and financial bids is at 9 a.m. on December 17, after which the technical bids will be opened. BDDO Guerrero was the company that created the “It’s More Fun” brand campaign launched in 2012 by the DOT. This is the second time the DOT has bid out the brand campaign under Tourism Secretary Bernadette Romulo Puyat after the first bid announced in September was declared a failure. “The [two companies that joined the first bid] didn’t reach the required
points [in the evaluation], so we had to rebid,” explained DOT Assistant Secretary Roberto P. Alabado, chairman of the agency’s Bids and Awards Committee. He said “there were about seven [advertising agencies]” that submitted their intentions to join the rebidding for the brand campaign. He declined to reveal the names of the companies, which expressed interest, only to say these were well-known. But he confirmed that the McCann Worldwide Group, whose P650million advertising contract was canceled by former Tourism Secretary Wanda Corazon Tulfo Teo, did not join this year’s bidding. Despite the rebid, he said the DOT was still on schedule in its goal to have a “refreshed” brand campaign by 2019.
Xiamen Air puts up direct Davao-Quanzhou flight By Manuel T. Cayon
@awimailbox Mindanao Bureau Chief
D
AVAO CIT Y—This city would soon get its first direct flight to a mainland China destination when Xiamen AirlinesPhilippines send its inaugural flight from Jinjiang City of Quanzhou province on December 18. The direct flight actually came out of the sisterhood agreement signed in mid-November by the President’s daughter, Mayor Sara Z. DuterteCarpio for Davao City and Jinjiang City Chinese People’s Political Consultative Conference Committee Chairman Liu Wenru. Xiamen Air would thus become the first mainland Chinese carrier to put up a direct flight between this city and a mainland China destination. Jared Lawrence Go, sales executive of Xiamen Air-Philippines, told the BusinessMirror that a Boeing 737-800 would be used in the flight lasting three hours and 15 minutes. The inaugural flight would take off at 9 a.m. from Jinjiang City and would arrive at 12:15 p.m. The return flight would take off from the
F. Bangoy International Airport here at 1:15 p.m. and would arrive at 4:30 p.m. Xiamen Air-Philippines officially posted its announcement on Tuesday at its Internet web site. Public reaction was enormous, he said, “especially coming from the Filipino-Chinese community who would not have to go to Manila to book a flight to China.” Besides, he added, the direct air connection was a welcome addition to the recent establishment of the Chinese Consulate General here. In an invitatiion he sent to news representatives to welcome the inaugural flight, Lin Huagun, general manager of Xiamen Air Philippines, said the new air route was one of the fruits of increasing exchanges between the Philippines and China. He said this city “is a Philippine city that has one of the closest cooperations with China,” citing the November signing of the sisterhood pact and aside from being the hometown of President Duterte. Jinjiang is a county-level city of Quanzhou City in northeastern China province Fujian.
ABS-CBN claims TV rating dominance in Nov
A
BS- CBN Cor p. claimed on Tuesday it dominated the ratings game last month, after posting an average nationwide audience share of 45 percent, or 15 points higher than competitor GMA Network Inc.’s 30 percent. Citing data from Kantar Media, the Lopez-led multimedia conglomerate said it also won the ratings war in Mega Manila—considered a bailiwick for GMA—where it scored 37 percent, ahead of the Gozon-led network’s 29 percent. It also succeeded to out-throne GMA in Metro Manila, after netting 43 percent in audience share in
the area, where GMA registered only 23 percent. ABS-CBN, likewise, dominated other territories such as Total Luzon, Total Visayas, and Total Mindanao, where it tallied an average audience share of 40 percent, 53 percent, and 53 percent, respectively. It also led across all blocks, including prime time, where it netted an average audience share of 49 percent, 19 points ahead of GMA’s 30 percent. The prime-time block is the most important part of the day when most Filipinos watch TV and advertisers put a larger chunk of their investment to reach more consumers effectively. Lorenz S. Marasigan
“We’re still on time. We have a timeline that we are following. They go through two stages; we evaluate them based on the technical documents they submitted, and then, whoever qualifies will be shortlisted to make their pitch. From those, the winner will be chosen.” According to the terms of reference for the creatives, materials for presentation should include a refreshed creative study using the same 2012 Philippine tourism brand ‘It’s More Fun in the Philippines’ [Big Idea, Logo Design, Key Visual]. The qualifying agency must also include a proposed omnibus audio-visual presentation concept and storyboard highlighting these DOT programs—Health, Wellness and Retirement; Cruise and Nautical Tourism; Education; and Leisure and Entertainment. Also, the ad agency must submit a proposed TV commercial concept and storyboard to highlight any of the following regions: Region 4A (Calabarzon), Region 5 (Bicol), Region 6 (Western Visayas) and Region 9 (Zamboanga Peninsula). Aside from the creatives, also re-
MUTUAL FUNDS
bid was a P250-million media placement project. “The companies have to have an international reach. [The winning bidder] will distribute the [new ad in markets abroad],” Alabado said. Speaking with reporters recently, Romulo Puyat said she wants the brand campaign to be “more refreshed, more directed to the millennials. Because when ‘It’s More Fun’ was launched in 2012, social media was not as strong. Domestic tourism wasn’t as strong as it is now. We want to just to make it more in tune with into times.” She stressed she still wants to use “It’s More Fun in the Philippines” slogan. “It was a good campaign started by Secretary Ramon Jimenez in 2012, and to be fair to Secretary Wanda Teo, in her two commercials ‘Anak’ and ‘Sights,’ she also uses ‘It’s More Fun.’ There should be continuity [in the brand].” McCann Worldwide created both ads, but the DOT canceled its contract after it was discovered that the agency’s “Sights” ad appeared to be a copy of a South African tourism ad about a blind man, which is still airing.
December 4, 2018
NAV ONE YEAR THREE YEAR FIVE YEAR Y-T-D PER SHARE RETURN* RETURN STOCK FUNDS ALFM GROWTH FUND, INC * 253.56 -9.31% 0.66% 2.1% -13.52% ATRAM ALPHA OPPORTUNITY FUND, INC.* 1.4064 -10.73% 5.17% 2.66% -11.92% ATRAM PHILIPPINE EQUITY OPPORTUNITY FUND, INC.* 3.9389 -10.31% 1.9% 0.79% -14.24% CLIMBS SHARE CAPITAL EQUITY INVESTMENT FUND CORP.* 0.8973 -10.69% N.A. N.A. -11.77% FIRST METRO CONSUMER FUND ON MSCI PHILS. IMI, INC. * ********* 0.8386 N.A. N.A. N.A. N.A. FIRST METRO SAVE AND LEARN EQUITY FUND,INC.* 5.298 -8.7% -0.35% 1.59% -11.89% MBG EQUITY INVESTMENT FUND, INC. * ****** 114.9 N.A. N.A. N.A. N.A. ONE WEALTHY NATION FUND, INC.* 0.8444 -13.83% N.A. N.A. -14.94% PAMI EQUITY INDEX FUND, INC.* 49.7048 -7.62% 1.9% N.A. -11.86% PHILAM STRATEGIC GROWTH FUND, INC.* 519.37 -7.73% 0.74% 1.54% -11.74% PHILEQUITY DIVIDEND YIELD FUND, INC.* 1.2664 -6.19% 2.34% N.A. -9.82% PHILEQUITY FUND, INC.* 36.9515 -6.22% 2.78% 4.29% -10.08% PHILEQUITY PSE INDEX FUND INC.* 5.0059 -7.3% 2.57% 3.96% -11.78% PHILIPPINE STOCK INDEX FUND CORP.* 836.1 -7.13% 2.34% 3.99% -11.59% SOLDIVO STRATEGIC GROWTH FUND, INC. * 0.8693 -6.33% 0.23% N.A. -10.11% SUN LIFE PROSPERITY PHILIPPINE EQUITY FUND, INC.* 4.127 -6.13% 2.32% 2.45% -9.89% SUN LIFE PROSPERITY PHILIPPINE STOCK INDEX FUND, INC.* 0.9635 -7.52% 2.37% N.A. -11.87% UNITED FUND, INC.* 3.5418 -4.63% 3.76% 2.89% -9.05% EXCHANGE TRADED FUND FIRST METRO PHIL. EQUITY EXCHANGE TRADED FUND, INC.* *** 111.7039 -6.82% 3.49% N.A. -11.31% ATRAM ASIAPLUS EQUITY FUND, INC.** $0.9644 -12.73% 2.2% -0.3% -12.98% SUN LIFE PROSPERITY WORLD VOYAGER FUND, INC.* $1.2094 -3.19% N.A. N.A. -4.41% BALANCED FUNDS PRIMARILY INVESTED IN PESO SECURITIES ATRAM DYNAMIC ALLOCATION FUND, INC.* 1.6628 -7.73% -1.52% -1.35% -10.77% ATRAM PHILIPPINE BALANCED FUND, INC.* 2.2137 -7.54% 0.9% 0.66% -9.9% FIRST METRO SAVE AND LEARN BALANCED FUND INC.* 2.5391 -6.31% -2.49% -1.66% -8.33% GREPALIFE BALANCED FUND CORPORATION* **** 1.3124 -7.44% N.A. N.A. -9.79% NCM MUTUAL FUND OF THE PHILS., INC* 1.8475 -4.26% 0.99% 1.57% -7.28% PAMI HORIZON FUND, INC.* 3.5507 -6.48% -0.15% 0.82% -9.38% PHILAM FUND, INC.* 15.9789 -6.26% -0.07% 0.68% -8.99% SOLIDARITAS FUND, INC.* ******** 2.0679 -5.29% 0.98% 2.37% -7.77% SUN LIFE OF CANADA PROSPERITY BALANCED FUND, INC.* 3.6934 -5.01% 0.86% 1.04% -7.58% SUN LIFE PROSPERITY DYNAMIC FUND, INC.* 0.9348 -5.78% 0.15% N.A. -8.38% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES COCOLIFE DOLLAR FUND BUILDER, INC.* $0.03495 -3.24% -0.46% 1.32% -3.19% PAMI ASIA BALANCED FUND, INC.* $0.9511 -9.81% 2.02% -1.33% -9.16% SUN LIFE PROSPERITY DOLLAR ADVANTAGE FUND, INC.* $3.5045 -3.02% 3.59% 2.06% -4.05% SUN LIFE PROSPERITY DOLLAR WELLSPRING FUND, INC.* $1.0384 -6.14% N.A. N.A. -6.64% BOND FUNDS PRIMARILY INVESTED IN PESO SECURITIES ALFM PESO BOND FUND, INC.* 342.55 1.8% 2.03% 1.69% 1.61% ATRAM CORPORATE BOND FUND, INC.* ******* 1.8528 -1.97% -0.79% -0.69% -2.09% COCOLIFE FIXED INCOME FUND, INC.* 2.9602 5.49% 5.34% 5.24% 4.9% EKKLESIA MUTUAL FUND INC.* 2.1232 1.17% 1.39% 1.15% 1% FIRST METRO SAVE AND LEARN FIXED INCOME FUND,INC.* 2.2059 -0.45% -0.01% 0.12% -0.46% GREPALIFE FIXED INCOME FUND CORP.* P 1.5654 -2.97% -0.49% -1.06% -2.74% PHILAM BOND FUND, INC.* 3.9067 -3.46% -0.57% -0.46% -3.54% PHILEQUITY PESO BOND FUND, INC.* 3.4935 0.12% 0.29% 0.1% -0.32% SOLDIVO BOND FUND, INC. * 0.8908 -3.23% -0.9% N.A. -3.51% SUN LIFE OF CANADA PROSPERITY BOND FUND, INC.* 2.7661 -0.52% 0.96% 0.42% -0.39% SUN LIFE PROSPERITY GS FUND, INC.* 1.5379 -0.93% 0.45% -0.02% -0.76% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES ALFM DOLLAR BOND FUND, INC. * $447.29 0.46% 2.26% 3.03% 0.3% ALFM EURO BOND FUND, INC. * Є212.42 -0.52% 0.93% 1.53% -0.61% ATRAM TOTAL RETURN DOLLAR BOND FUND, INC.** $1.123 -0.98% 0.82% 1.87% -0.98% FIRST METRO SAVE AND LEARN DOLLAR BOND FUND, INC.* $0.0249 -0.4% 0.82% N.A. -0.4% GREPALIFE DOLLAR BOND FUND CORP.* $1.688 -4.7% -0.55% 1.11% -4.71% MAA PRIVILEGE DOLLAR FIXED INCOME FUND, INC. N.S. N.S. N.S. N.S. N.S. MAA PRIVILEGE EURO FIXED INCOME FUND, INC. ЄN.S. N.S. N.S. N.S. N.S. PAMI GLOBAL BOND FUND, INC* $1.0252 -4.93% -0.68% -2.58% -4.5% PHILAM DOLLAR BOND FUND, INC.* $2.1482 -4.28% 0.44% 2.48% -4.57% PHILEQUITY DOLLAR INCOME FUND INC.* $0.0569467 -0.67% 0.87% 1.82% -0.44% SUN LIFE PROSPERITY DOLLAR ABUNDANCE FUND, INC.* $2.8684 -4.67% 0.25% 1.58% -4.79% MONEY MARKET FUNDS PRIMARILY INVESTED IN PESO SECURITIES ALFM MONEY MARKET FUND, INC.* 120.45 2.56% 1.79% 1.51% 2.41% PHILAM MANAGED INCOME FUND, INC.* 1.1786 1.88% 0.52% 0.46% 1.83% SUN LIFE PROSPERITY MONEY MARKET FUND, INC.* 1.2157 2.57% 2.22% 1.52% 2.55% PRIMARILY INVESTED IN FOREIGN CURRENCY SECURITIES SUN LIFE PROSPERITY DOLLAR STARTER FUND, INC.* ***** $1.0148 1.57% N.A. N.A. 1.61% * - NAVPS AS OF THE PREVIOUS BANKING DAY ** - NAVPS AS OF TWO BANKING DAYS AGO *** - LISTED IN THE PSE. **** - RE-CLASSIFIED INTO A BALANCED FUND STARTING JANUARY 1, 2017 (FORMERLY GREPALIFE BOND FUND CORP.). ***** - LAUNCH DATE IS NOVEMBER 6, 2017 ****** - LAUNCH DATE IS JANUARY 08, 2018 ******** - RENAMING OF THE FUND WAS APPROVED BY THE SEC LAST APRIL 13, 2018. ********* - BECAME A MEMBER SINCE APRIL 20, 2018. ******* - ADJUSTED DUE TO CASH DIVIDEND ISSUANCE LAST JANUARY 29, 2018
www.businessmirror.com.ph
Banking&Finance BusinessMirror
Port of Subic exceeds Nov collection target by ₧266M
T
By Rea Cu
@ReaCuBM
HE Bureau of Customs (BOC) announced that the Port of Subic has exceeded its monthly collection target for November of P2.081 billion on the back of proper and correct duties and tax collections. The BOC said in a statement on Tuesday that the Port of Subic has reported revenue collections amounting to P2.347 billion for November, breaching its revenue goal for the month. “Port of Subic remains committed in its drive to collect revenues and vigilant in its efforts to prevent smuggling and the
commission of fraudulent and illegal acts,” Port of Subic District Collector Ma. Rhea M. Gregorio was quoted in a statement as saying. The bureau has reported that the revenue collection of the Port of Subic for the month is the highest collection in its revenue history. This is also the third con-
secutive time that Subic collection district was able to hit its monthly revenue target for this year. For October, the Subic port collected import duties and taxes amounting to P2.182 billion. That figure also breached the P2.095-billion revenue target for the month. L a s t S e pt e m b e r t he p or t achieved a P93-million surplus for collecting P2.188 billion against its goal of P2.096 billion. Gregorio said the positive performance of the port in ensuring that proper and correct duties and taxes are assessed and collected from import shipments is essential in meeting the collection target. She also attributed the continuous improvement in Subic’s revenue collection to the implementation of the Tax Reform for Acceleration and Inclusion
(TRAIN) law, which imposed fuel excise tax hikes, among others. Subic has been relying heavily on the entry of oil imports for its monthly revenue collections. The Port of Subic expects to collect P1.888 billion in revenues for December. The BOC reported revenue collections for October this year hitting P55.953 billion, which is 30.3 percent higher than the P42.915-billion collection the bureau reported for the same month last year. Earlier, the administration’s economic managers recommended the continued implementation of the second round of oil excise tax increase scheduled for 2019 with the recent drop in world oil prices. Excise taxes on diesel and gasoline would be increased by P2 per liter effective January 1, 2019, under the TRAIN law.
World Bank to double climate-related investments to $200B in 2021-2025 I N a bid to boost adaptation and resilience efforts in poor countries, the World Bank Group would double its climate changerelated investments between 2021 and 2025. The World Bank Group announced in a statement an investment of around $200 billion in those five years. Around $100 billion in direct financing will be sourced from the International Bank for Reconstruction and Development/International Development Association (IDA). The remaining $100 billion will be the combined direct finance from the International Finance Corp. (IFC) and the Multilateral Investment Guarantee Agency and private capital mobilized by the World Bank Group. “Climate change is an existential threat to the world’s poorest and most vulnerable. These new targets demonstrate how seriously we are taking this issue, investing and mobilizing $200 billion over five years to combat climate change,” World Bank Group President Jim Yong Kim said. “We are pushing ourselves to do more and to go faster on climate and we call on the global community to do the same. This is about putting countries and communities in charge of building a safer, more climate-resilient future.” The financing will increase World Bank Group support for the
integration of climate considerations in policy planning, investment design, implementation and evaluation. It will also help at least 20 countries implement and update Nationally Determined Contributions and increase engagement with Ministries of Finance in the design and implementation of transformative low-carbon policies. In terms of key sectors, these efforts will be focused on energy, particularly the generation, integration and enabling infrastructure for 36 gigawatts of renewable energy and support 1.5 million gigawatt-hour equivalent of energy savings through efficiency improvement. It will also be allocated for cities by helping 100 cities achieve low-carbon and resilient urban planning and transit-oriented development. The World Bank, likewise, expects the investment will help boost food and land-use efforts by increasing integrated landscape management in up to 50 countries, covering up to 120 million hectares of forests. “The new financing will ensure that adaptation is undertaken in a systematic fashion, and the World Bank will develop a new rating system to track and incentivize global progress,” the world’s largest lender said. The financing will also support
higher-quality forecasts, early warning systems and climate information services to better prepare 250 million people in 30 developing countries for climate risks, the World Bank said. The expected investments will build more climate-responsive social protection systems in 40 countries, and finance climate smart agriculture investments in 20 countries, it added. “There are literally trillions of dollars of opportunities for the private sector to invest in projects that will help save the planet,” IFC CEO Philippe Le Houérou was quoted in the statement as saying. “Our job is to go out and proactively find those opportunities, use our derisking tools, and crowd in privatesector investment. We will do much more in helping finance renewable energy, green buildings, climatesmart agribusiness, urban transportation, water and urban waste management.” The new targets build on the World Bank Group’s 2016 Climate Change Action Plan, according to the post-World War II reconstruction lender. In 2018 the World Bank Group provided a record-breaking $20.5 billion in finance for climate action: doubling delivery from the year before the Paris Agreement and meeting its 2020 target two years ahead of schedule. The World Bank Group will con-
tinue to integrate climate considerations into its work, including screening projects for climate risks and building in appropriate risk mitigation measures, disclosing both gross and net greenhouse-gas emissions, and applying a shadow carbon price for all material investments. A key priority is boosting support for climate adaptation, recognizing that millions of people across the world are already facing the severe consequences of more extreme weather events. By ramping up direct adaptation finance to reach around $50 billion over FY21-25, the World Bank will, for the first time, give this equal emphasis alongside investments that reduce emissions. “People are losing their lives and livelihoods because of the d isastrous effects of climate change,” World Bank CEO Kristalina Georgieva said in the statement. “We must fight the causes, but also adapt to the consequences that are often most dramatic for the world’s poorest people.” Cai U. Ordinario
DOF reiterates call for higher tobacco tax rates
T
HE Department of Finance (DOF) continues to urge Congress to pass the measure aimed at increasing further the excise tax rates for “sin” products, specifically cigarettes. Finance Secretary Carlos G. Dominguez III said that increasing the current tobacco excise tax rates to levels that would effectively curb smoking, which is deemed at P60 per pack, would also help supplement funds for the Universal Health Care program. “There’s still the Senate. We will try our best. This thing doesn’t end until the President signs it,” Dominguez said. “We’re there, we’re keeping at it. We hope that they will come up to what is good for the country.” The finance chief was reacting to the recent approval on third and final reading of House Bill 8677, which provides for an increase in tobacco excise tax rates. These rates, however, reached levels that were not what the Department of Health and anti-tobacco and health advocates recommended. The bill approved at the Lower House aims to raise the current tax of P35 per pack of cigarettes to P37.50 beginning July 2019.
The bill also calls for another increase to P40 in July 2020, P42.50 in July 2021 and P45 in July 2022. Thereafter, the rate shall be raised 4 percent every July annually. The DOF proposal, which is under Package 2 Plus of the Comprehensive Tax Reform Program, supports the position of Rep. Angelina Tan (Fourth District, Quezon) to raise the tobacco excise tax to P60 per pack in 2019 and increase it by 9 percent annually thereafter. “The society has to agree what is more important: enough money for health care or favoring companies that produce products that damage health?” she said. “That’s what society has to agree on, and that’s what the representatives in the legislature are supposed to reflect.” Antonio Miguel L. Dans of the National Academy of Science and Technology was quoted in a statement as saying that preliminary calculations estimate that about 150,000 new smokers as a result of the rates approved by the House Ways and Means committee. Finance Assistant Secretary Antonio Joselito G. Lambino II pointed out that the
government is collecting around P100 billion on average from tobacco excise since the implementation of the sin tax reform law, or Republic Act 10351. Passed in December last year, the Tax Reform for Acceleration and Inclusion (TRAIN) law provided for an increase in cigarette excise tax rates from P30 per pack to P32.50 in the first half of 2018. This was increased further to P35 per pack starting July this year. Philip Morris Fortune Tobacco Corp. (PMFTC), a joint venture between Philip Morris Philippines Manufacturing Inc. and Fortune Tobacco Corp., said it stands by its position on a further increase in tobacco excise taxes. “Our position submitted to Congress is unchanged. We believe any further increases in excise taxes on tobacco at this time are unwarranted,” a statement by PMFTC said. “There is still a need to review the impact of the last increase under TRAIN in terms of tax collection, revenue utilization, on the livelihood of farmers, jobs in the manufacturing sector and the rise of counterfeit cigarettes.” Rea Cu
Wednesday, December 5, 2018
B3
Tax-free health insurance premium sought by Angara C
ONGRESS is being asked to fast-track passage of an enabling law for tax-free employees’ health insurance premiums paid by their employers. The remedial legislation, embodied in Senate Bill 2112, was filed by Sen. Juan Edgardo M. Angara, who earlier called out the Bureau of Internal Revenue for issuing Revenue Memorandum Circular (RMC) 50-2018, which taxed group health insurance premiums. Angara, chairman of the Senate Ways and Means Committee that conducted hearings on the Duterte administration’s Tax Reform for Acceleration and Inclusion, noted that “such issuance was not included” among the provisions of the so-called TRAIN law embodied in Republic Act 10963. The senator lamented that the BIR Memorandum Circular, issued in the wake of concerns on the TRAIN’s income tax provisions, only “caused confusion” as it specifically stated that the medical insurance premiums paid by employers for their employees, whether rank-and-file or managerial or supervisory, and their dependents shall be included as part of bonuses and benefits, and therefore shall be subject to income and fringe benefit tax. “It should be noted that RA 10963 did not amend the tax treatment of health premiums nor was it intended, in any way, to diminish the take-home pay of taxpayers by subjecting them to the P90,000
tax-exempt bonus,” Angara said. In filing SB 2112, Angara affirmed that the tax-reform measure was enacted “primarily to increase the purchasing power of each taxpayer who has been overburdened by the inequitable and unprogressive income tax that has not been changed for almost two decades.” Angara added that “the health of its citizens remains a primary concern of the government, thus, all support and assistance should be given to ensure that Filipinos, especially the workers, remain fit and healthy.” He recalled that RMC 50-2018 issued on May 11 provides that “premium on health card paid by the employer for all employees, whether rank-and-file or managerial or supervisory, under a group insurance should be included as part of other benefits of these employees which are subject to the P90,000 threshold.” This simply means, he said, that medical insurance premiums paid by the employers for all employees should not be subjected to income tax and fringe benefit tax. He noted that under the TRAIN law, employees’ bonuses and other benefits amounting to P90,000 and below should be tax-free, adding that beyond P90,000 threshold is already taxable In effect, Angara said, the BIR issuance “reverses its previous rulings and regulations that premium on health cards shall be tax-free.” Butch Fernandez
RA 10963 did not amend the tax treatment of health premiums nor was it intended, in any way, to diminish the take-home pay of taxpayers by subjecting them to the P90,000 tax-exempt bonus.”—Angara
B4 Wednesday, December 5, 2018
MERALCO NAMED TALENT ACCELERATOR OF THE YEAR AT IDC AWARDS 2018
M
ANILA Electric Co. (Meralco) wa s awa rded t he Ta lent Accelerator of the Year at the recent IDC Digital Transformation (DX) Awards 2018 Philippines, positioning Meralco as among the digital trailblazers in the country. Organized by global market-intelligence firm IDC, the DX Awards recognizes companies for their
excellence and leadership in their digitaltransformation efforts. Meralco won the citation for its pioneering use of talent resourcing aut om at e d c o m mu n i c at io n a nd information (Traci), a recruitment chatbot that enables applicants to view job vacancies and submit applications thru Facebook Messenger. Traci helps
Meralco’s talent resourcing team to harvest potential applicants without demanding more manpower, since the chatbot technology can instantly answer an applicant’s questions. It also accepts applications and displays notifications on application status updates for ease in communication and immediate feedback. The Talent Accelerator of the Year award is reflective of Meralco’s culture of cultivating passion to explore, learn something new and get motivation from, knowing that the initiative was a game-changer in the talentrecruitment industry. Traci is in line with the company’s initiative to optimize and streamline the job-application process and simultaneously establish an additional medium for engagement. The increase in usage of Traci not only covers fresh graduates and skilled workers, but also of middle managers and specialists, indicating the successful use of its implementation, of the innovative technology to handle Meralco’s volume of applicants. Proudly showcasing the award are representatives of Meralco’s corporate technology and transformation and talent resourcing team (from left): Brian Kent Lim, John Robert Gregorio, Erzil Morales, Ma. Amelia Tuason and Steph Capacio.
PAG-IBIG HOME-LOAN RELEASES HIT P7B IN OCTOBER; MARKS HIGHEST-EVER NON-DECEMBER DISBURSEMENT
T
HE Home Development Mutual Fund (Pag-IBIG Fund) released P7.02 billion in home loans in October alone, helping 7,896 families acquire their own house. The amount is the highest non-December monthly disbursement in the fund’s 37-year-old history. “The performance of Pag-IBIG Fund in the last 10 months have been extraordinary. Strong demand for our housing loans with the lowest rates and improved efficiency in internal processes have led to bigger home-loan disbursements and more Filipino families being able to acquire decent shelter. This greatly contributes to the antipoverty measures set by the administration of President Rodrigo Roa Duterte and the Balai Filipino [Building Adequate, Livable, Affordable, and Inclusive Filipino Communities] program, which is the prime initiative of the government’s key shelter agencies,” said Eduardo D. del Rosario, who heads both the Housing and Urban Development Coordinating Council (HUDCC) and the Pag-IBIG Fund board. In the last 10 months Pag-IBIG housing-loan releases have already exceeded set targets, with loans amounting to P58.78 billion, which funded homes of 70,561 families. The amount of home loans released and number of borrowers from January to October are 15 percent and 11 percent higher than the P51 billion released to 63,496 families in the same period in 2017.
“Pag-IBIG Fund’s performance in October stands out as the best month so far this year, in terms of our home-loan disbursement. In the last five years [the month of] December has always been the month with the highest home-loan disbursement. Thus, when we achieve near December-level disbursements, we are happy because these signify our members’ satisfaction with Pag-IBIG Fund’s housing programs as we help more members with their housing needs,” explained Pag-IBIG Fund Chief Executive Officer (CEO) Acmad Rizaldy P. Moti. Moti added that Pag-IBIG Fund’s low interest rates fueled the high disbursement in October. “We have adjusted our rates for our two housing programs. Our affordable housing program, which is exclusively for minimum-wage and low-income earners, offers the lowest rate of only 3 percent per annum for loans up to P580,000. We also have the regular housing program with market-competitive interest rates of as low as 5.375 percent per annum for loans up to P6 million,” he said. CEO Moti added that if the demand for Pag-IBIG housing loans is sustained in the next two months, the agency will be able to release P73 billion to P75 billion worth of housing loans, higher by up to P3.5 billion than its P71.5 billion annual target.
HOMEGROWN MESSENGER READY TOTAKE ON OVERVIBER, FACEBOOK APP
T
HE first locally developed messenger mit is officially online. The mit messenger is a collaboration between the global IT company Stargram Global and Stargram Philippines, and becomes the first messenger platform developed locally. It aims to become a global messenger to compete with Viber and Facebook Messenger. “[The] mit messenger was developed
around the weak local telco system, and has the capability to make video calls using the lowest amount of data, “ claims KJ Kim, chief operating officer of Stargram Global. The mit messenger has the best security protocol because personal information is not saved on the server and can be installed by simple phone number authentication. Furthermore, it features a message-deletion function due to a user error, and a time-bound function that deletes a message after a certain period. It has extremely low data usage. Users can make phone calls up to seven minutes using only 1 megabyte of data. Transmission speed is the fastest in the world within the small bandwidth. Another main technology of the mit messenger is its ability to recover the “lost” voice and video data resulting to clearer sound quality and less drop calls. “In addition, we incorporated a messengerpayment function, similar to Chinese app called WeChat, for payment of utility bills, taxi and the like. It provides easy moneytransfer function that would benefit millions of overseas workers, ” Kim adds. This locally developed messenger app is now complete and ready to take on the established giants in the global IT market.
Sports BusinessMirror
C1
| Wednesday, December 5, 2018 mirror_sports@yahoo.com.ph Editor: Jun Lomibao
BETTER THAN GOLD STEPHANIE GILMORE competes at the Beachwaver Maui Pro in Honolua. AP
Canadian weightlifter upgraded to Olympic gold, bronze medals
By Eddie Pells
I
The Associated Press
F Australia’s Stephanie Gilmore captures the gold medal when surfing makes its Olympic debut two years from now, it might not be her most meaningful win. Gilmore, who is talked about as possibly the greatest athlete of all time in her sport, takes pride in being on the ground floor in the fight for a prize that could have a longer-lasting impact: equal pay for women on the professional tour where she and her rivals make their living. The World Surf League put itself in rare company earlier this year with its decision to begin paying women the same as men, starting in 2019. While the majors and a few other tournaments in tennis have committed to paying women and men equal prize money, the WSL is the first US-based global sports league to make that move. The fight for equal pay begun decades ago by Billie Jean King on the tennis courts—and still waged daily in corporations across America that have nothing to do with sports—has found a toehold on the beach. “Sports are the perfect platform to show equality,” Gilmore said last week, after capturing her record-tying seventh season title. “In most workplaces, what people make is completely private. In ours, the prize money is public knowledge.” When the 30-year-old champion started surfing on tour, women typically made around $12,000 for a win, while me—led by 11-time champion Kelly Slater—would rake in around $40,000. “Surfing was not a career path,” Slater recalled of his youth, in the HBO surf documentary Momentum Generation. ‘’It was just something you enjoyed doing.” Especially so for the women. And even next year, when women and men are both expected to make around $100,000 for a victory (men made $100,000 and women $65,000 in 2018), it’s hard for anyone but those at the very top to get rich riding waves. Competitions are only a piece of the puzzle. Sponsorships, filming and free-surfing make up the rest. Could the Olympics change that? It’s a debate coursing through the sport that is now experiencing some of the same growing pains as other so-called lifestyle sports— namely, snowboarding—two decades after their counterculture vibe was welcomed into the stiff-suited, tradition-bound world of the Olympics. For the most part, snowboarders have accepted the Olympics and benefited from the platform it provides. “It’s definitely new territory, and some people are a little unsure about it,” Gilmore said. “They think it’s not authentic surfing. I think it’s kind of cool. I grew up watching [Australian 400-meter sprint champion] Cathy Freeman, thinking ‘I want to go to the Olympics.’ But I thought that, as a surfer, I’d never get that chance.” Now she will. Gilmore grew up only 400 meters (1,300 feet) from the beach. Her father loved surfing, and Gilmore and her sisters “really had no choice” but to learn how to ride, she said. By the time she was 11, she knew this was what she wanted to do for a living. The moment that triggered the run to her seventh world title came at the exact same beach where she learned how to surf. Gilmore finished a disappointing fifth in this year’s season-opening event, the Roxy Pro Gold Coast in Queensland, Australia. Three years had passed since her last season title, and, she conceded, some doubt was starting to creep into her mind as to whether her best days were behind her. “It sort of killed the confidence and made me think, ‘Do you still want this? Do you still have it?’” Gilmore said. “I got quite overwhelmingly emotional. And that’s when I realized, ‘You obviously still really care about this.’” Gilmore refocused. She won three events in 2018 and finished second in three more. After the season’s final event in Maui last week, she had captured her seventh title, which ties her with another Australian, Layne Beachley, for the most for a woman. (The title came with a $150,000 bonus.) Only Slater, with 11, has more. Already a household name among surfing fans and her peers, an Olympic gold medal would clearly go a long way toward expanding Gilmore’s reach. In many ways, though, she has already sent quite a powerful message. “Women like Stephanie are competing in the same conditions, on same waves, showing the same bravery as the men,” said the WSL’s CEO, Sophie Goldschmidt. “It’s incredibly inspiring. They are positive role models, pushing boundaries and gaining audiences. But it’s not where it should be. There’s still room to grow.”
O
REAL Madrid’s Luka Modric (center) poses with Olympique Lyonnais’s Ada Hegerberg (center) and Paris Saint-Germain’s Kylian Mbappe during the Golden Ball award ceremony at the Grand Palais in Paris on Monday. AP
IT’S MODRIC! NOT MESSI OR RONALDO
P
ARIS—Luka Modric ended the long reign of Lionel Messi and Cristiano Ronaldo by winning the Ballon d’Or for the first time on Monday, while another first saw Norwegian forward Ada Hegerberg win the inaugural women’s trophy. Messi and Ronaldo had won every Ballon d’Or since 2008, and usually fought only each other for the greatest recognition among soccer’s elite. Women’s fight for recognition on the biggest stage took a big step with Hegerberg’s award. Modric won the Champions League with Real Madrid and then guided Croatia to the World Cup final in July. The midfielder was voted player of the tournament. “As a kid we all have dreams. My dream was to play for a big club and win important trophies,” Modric said. “The Ballon d’Or was more than just a dream for me and it is really an honor and a privilege to hold this trophy.” Ronaldo was second in the polling followed by France forward Antoine Griezmann. France’s teen star, Kylian Mbappe, was fourth. Brazil star Neymar was third last year but only 12th this time. Messi was fifth in the voting, having been runner-up to Ronaldo the past two years and in the top 3 every year since 2007. Modric had never previously been in the top 3. “2018 is a dream year for me,” the 33-year-old Modric said. “Throughout my career I realized hard work, persistence and belief in yourself in difficult moments are the foundations of success.” Modric’s father was shown on the big screen wiping away tears during the ceremony at the imperious Grand Palais in Paris. Ronaldo missed out on a record sixth award, which would have moved him one ahead of Messi. The last player to win it before those two started dominating world soccer awards was Brazil midfielder Kaka with AC Milan in 2007. Ronaldo also won the Champions League last season with Modric, before leaving to join Juventus. He scored a hat trick against Spain at the World Cup but he failed to make an impression when Portugal lost to Uruguay in the round of 16.
Mbappe and Griezmann scored in the 4-2 World Cup final win against Croatia. Mbappe earned a domestic treble with Paris Saint-Germain. Griezmann also scored twice for Atletico Madrid in the Europa League final win against Marseille. France Coach Didier Deschamps said a France player should have won the award. “They deserve it because of what they did with the national team at the World Cup and also because of the trophies they won with their clubs,” Deschamps said. The 19-year-old Mbappe—the youngest player to score in a World Cup final—won the Raymond Kopa Trophy awarded to the best young player. France Football magazine has been awarding the Ballon d’Or since 1956, and created a women’s award for the first time this year. Hegerberg is a three-time Women’s Champions League winner with French side Lyon and scored a tournament-record 15 times last season. “I want to say thanks to France Football. It’s a huge step for women’s football,” Hegerberg said. “I want to end this speech with a message to all young girls in the world. Believe in yourselves.” The outspoken 23-year-old Hegerberg said she won’t play for Norway at the Women’s World Cup in France next June. Taking a stand against what she describes as a lack of respect for female players in Norway, she hasn’t played for the national team since 2017 when it crashed out of the group stage of the Women’s European Championship without scoring a goal. Speaking in an interview shortly before collecting her Ballon d’Or, Hegerberg told The Associated Press on Monday she has no plans to reconsider her decision taken to preserve her “authenticity and my values, as a person, as a footballer.” “A lot of things need to be done to make the conditions better for women who play football,” she said. “It’s all about how we respect women’s football. I don’t think the respect has been there. “Sometimes you have to take tough decisions to stay true to yourself. I let them know, quite clearly, what I found wasn’t working.” AP
TTAWA, Ontario—Canadian weightlifter Christine Girard received a 2012 London Olympic gold and 2008 Beijing Olympic bronze medal in a ceremony on Monday at the National Arts Centre. Girard becomes the first Canadian Olympic champion in weightlifting and the first Canadian to win two Olympic medals in the sport thanks to failed doping tests by her opponents. She won the bronze medal in London in the 63-kilogram event. Girard was upgraded to gold after Maiya Maneza of Kazakhstan and Svetlana Tsarukaeva of Russia were stripped of their medals after retests of urine samples were positive for a banned substance. Girard was awarded the bronze medal from Beijing after Irina Nekrassova of Kazakhstan tested positive for a banned substance. The International Biathlon Union (IBU), meanwhile, said it’s prosecuting doping charges against four Russians, two of them Olympic gold medalists. The four include Evgeny Ustyugov, who won the Olympic mass start event in 2010 in Vancouver and the men’s relay in 2014 in Sochi, when Russia hosted the games and is accused of operating a vast doping scheme. Also on the list is the 2010 Olympic women’s relay champion Svetlana Sleptsova, along with Alexander Pechyonkin and Alexander Chernyshov. The issue of Russian doping tipped biathlon into chaos in April when Austrian police raided the IBU headquarters and the organization’s longtime president, Anders Besseberg, stepped down. Prosecutors allege an estimated $300,000 in bribes was paid to cover up Russian doping cases over several years. An unidentified major league player, on the other hand, tested positive for a banned stimulant in the year ending with the World Series. Under the joint drug agreement between Major League Baseball and the players’ association, an initial positive test for a banned stimulant results in six additional urine tests over the next year rather than a suspension, and the identity is not announced. The positive test for an amphetamine was listed in the annual report issued on Friday by the drug program’s Independent Public Administrator. AP
CHRISTINE GIRARD poses with her children Aliana (left), Samuel (center) and Philip with the gold from London 2012 and bronze from Beijing 2008 Olympics. AP
Spo
Business
C2 Wednesday, December 5, 2018
ACES-HOTSHOTS GAME ONE ON A
LASKA and Magnolia begin their best-of-seven title showdown for the Philippine Basketball Association (PBA) Governors’ Cup crown on Wednesday after a two-week lull that allowed injuries to heal and wasted bodies to rest. The league made way for Team Pilipinas’s campaign—which resulted to two consecutive losses—in the Fiba Asia World Cup Qualifiers. The Aces and Hotshots plunge into Game One of the best-of-seven duel starting at 7 p.m. at the Mall of Asia Arena in Pasay City. Magnolia earned the first ticket to the finals when it disposed its sister team and defending champion Barangay Ginebra Gin Kings in four games. Alaska, meanwhile, disposed of a hardfighting Meralco also in four matches. The pressure is strong for both sides which are coming off long title droughts. Alaska last won in 2013 and Magnolia, then the San Mig Coffee franchise, in 2014. But the long rest allowed everyone to
By Ramon Rafael Bonilla
T
HE string of painful defeats exposed weaknesses as Team Pilipinas tries to qualify for the China 2019 Fiba World Cup. What does the team needs? A go-to guy. The national team was slammed hard in front of the hometown crowd after a 70-78 loss to Iran on Monday night at the Mall of Asia Arena. Three nights before, Kazakhstan dealt the Filipinos an 88-92 setback. The losses drew a ton of doubts on the Philippine campaign, which is now down at fourth place on a 5-5 won-loss record. Japan, which the country beat twice
recover—injured or not. “This is a big thing for us, especially for our players who are recovering from injuries,” Hotshots Head Coach Chito Victolero said. Hotshots import Romeo Travis is expected to have fully recovered from a hamstring injury he sustained in the semifinals. The injury never slowed down Travis as he exploded with a career-high 50 points in Game Four, where Magnolia booted out Barangay Ginebra, 112-108. Paul Lee, meanwhile, is still recuperating from a right knee injury that sidelined him from his national team duties. Chris Banchero (ankle), Jvee Casio (ankle) and Vic Manuel (hip) used the long break to heal their injuries they sustained from the tough semifinals clash against the Bolts. “The fans want to see all the best players healthy and playing, and that’s what we all want. I just think it’s a blessing to the PBA and it shows that everybody wins when we support the national team,” Head Coach Alex Compton said. Ramon Rafael Bonilla earlier in the qualifiers’ window, beat Kazakstan, 86-70, also on Monday to jump to third spot with a 6-4 card. Team Pilipinas needs to win its remaining two games in the sixth window in February and hope that Japan split its assignments to avoid elimination. Only the top 3 teams from the two groups in Asia will advance to the World Cup. Head Coach Yeng Guiao said he is considering to bring a familiar face to reinforce the team—Justin Brownlee. “One option is to tap Brownlee. That’s an option we can consider. His papers are already in Congress. Maybe we can use him,” Guiao said. Last August, 1Pacman Party-list Rep. Mikee Romero, along with three other representatives, filed a house bill that seeks to naturalize the
IRAN’S Hammed Hosseinzaddeh (6) and Mohammad Jamshidijafarabadi celebrate as the Philippines’s June Mar Fajardo looks frustrated in the background. FIBA PHOTO
PHL NEEDS GO-TO GUY Barangay Ginebra resident import. Guiao has two other naturalized players at his disposal—Stanley Pringle and Christian Standhardinger. “We are expanding our options and that is one immediate option we can exercise. We can choose depending on the needs and situations,” Guiao explained. Against the two visitors, the national team longed for a player that has the nerves of steel to finish the game. Brownlee, while playing for Barangay Ginebra, was the cornerstone of the team’s three crowns in three years in the Philippine Basketball Association. He once drilled a titleclinching triple against Meralco in the 2016 Governors’ Cup.
That makes the 6-foot-5 do-it-all player the most viable option. In the fifth window of the Asian Qualifiers, the Samahang Basketbol ng Pilipinas chose not to tap 6-foot-11 Andray Blatche to pave the way for local talents.
The Philippines was in control after a Beau Belga three-pointer gave them a 60-52 lead with eight minutes left. But Iran made the big plays at crunch time. Jayson Castro returned to action and topscored with 19 points, while Christian Standhardinger
SON ALSO RISES HUMBLES FIELD
SON ALSO RISES and jockey JB Hernandez wow the weekend horse-racing crowd at the Metro Turf.
S
ON Also Rises cruised past its rivals in the short 1,200-meter race to rule the 2018 Philippine Racing Commission (Philracom) Grand Sprint Championship at the Metro Turf in Malvar, Batangas, on Sunday. With multi-titled jockey JB Hernandez riding the Benhur Abalos Jr.-owned colt, Son Also Rises
left his rivals behind with a calculated burst of speed in the stretch to record an emphatic fourlength victory over Pinagtipunan. Lakan set the pace early, but Son Also Rises made it a two-horse party in the final 400 meters before grabbing the lead in the last 150 meters and accelerating all the way to the finish.
finished with 17 points for the Philippines. Mohammad Jamshidi had 26 points on 10-of-16 shooting he laced with seven assists and four rebounds, while Behnam Yakhchali dropped 21 points with seven rebounds, four assists and three steals. “I was confident because I know what this horse can do, and what our opponents, especially Lakan, cannot do,” Hernandez said. It was the duo’s first major stakes race victory together. “We won several times in minor races, but this is the biggest. Hopefully, there will be more,” Hernandez added. Son Also Rises bagged the P600,000 top purse for Abalos from the guaranteed P1 million total prize put up by the Philracom—plus trophies for its owner, jockey and trainer and the breeder’s purse of P20,000. Pinagtipunan and rider MB Pilipil settled for the P225,000 runner-up purse, while Lakan and jockey RM Garcia pocketed P125,000 for third place. Fourth-placer Dinalupihan, steered by MA Alvarez, took home P50,000. The other winners for the day dubbed as the Pasay ”The Travel City” Racing Festival were Allbymyself in the Pasay City Barangay Trophy Race, Bwana Miss in the Cong. Emi Calixto-Rubiano Trophy Race, Edinburgh in the Team Legacy Trophy Race, Haring Bastos in the Pasay City Council District 1 Trophy Race, Don’t Underestimate in the Resorts World Manila Trophy Race, Princess Eowyn in the 4th Former Pasay Mayor Eduardo “Duay” Calixto Cup, Boom Tarat Tarat in the Pasay City Council District 2 Trophy Race, My Jopay in the 5th Pasay Mayor Tony Calixto Cup, Magnificent 7 in the Pasay City Vice Mayor Noel del Rosario Trophy Race, Tin Drum in the 5th Pasay The Travel City Cup and Crown in my Head in the Pasay City Engineer’s Office Race.
San Miguel Beermen assistant manager hits target
D
ANBY HENARES displayed nerves of steel to capture the gold medal in the Philippine National Shooting Association (PNSA) benchrest rifle quarterfinals championship recently at the Marine Range in Fort Bonifacio in Taguig City. Henares, assistant team manager of San Miguel Beer in the Philippine Basketball Association, posted 737 points on 62-of-75 from bulls-eyes to defeat Binggy Lopez and
Nick Lagustan. “I was able to fine-tune my equipment before the competition and it helped me get a 62-of-75 center shots [bulls-eyes],” said Henares, one of the country’s highly respected benchrest rifle shooters. “The equipment we used is currently evolving and the new shooters are coming with all the new technology that makes the competition tighter,” Henares added.
Lopez and Lagustan ended up tied with 725 points but Lopez bagged second place after the tiebreaker. Lopez was down seven points after two shooting cards but came back in the last card to secure the silver medal. Benchrest rifle shooting requires a shooter to hit a 1-mm target at 50 meters. They are allowed to use high-power scopes and are given 75 shots to complete the event.
Barrientos’s son starts to make mark
A
LEJANDRO BARRIENTOS and Geanlijah Ros Sagandoy pulled off a pair of reversals to rule their respective divisions and lead the winners in the Palawan Pawnshop-Palawan Express Pera Padala (PPS-PEPP) Mac’s Crankit Tennis Academy (MCTA) National Age Group Tennis Tournament at the Olivarez Sports Center in Sucat, Parañaque City, on Monday. The sixth-ranked Barrientos, son of former Davis Cupper Felix, strung a series of straight-set victories to nail the boys’ 14-and-under crown, capping his romp with a 6-3, 6-0 triumph over No. 3 Keno Enriquez, while second-seeded Sagandoy rallied from a set down to repel No. 1 Kryssana Brazal, 3-6, 6-2, 10-1, and snare the girls’ 16-under diadem as they shared the Most Valuable Player honors in the Group 2 tournament sponsored by Palawan Pawnshop and MCTA.
“The series of reversals only underscored the level playing field in our circuit that has continued to produce new faces,” said Palawan Pawnshop President and CEO Bobby Castro after the fifth-tolast tournament in another successful season of the annual, nationwide circuit. “With another 70-leg circuit lined up next year, we expect to produce more and more talents, particularly from the countryside,” Castro added. Sharing the spotlight in the five-day event presented by Dunlop and sanctioned by the Unified Tennis Philippines, made up of PPS-PEPP, Cebuana Lhuillier, Wilson, Toby’s, Dunlop, Slazenger and B-Meg, are Leyton Portin, Sebastien Lhuillier, Joshua Diva and Roque Lim in the boys’ side and Denise Bernardo, Chelsea Roque and Airies Tanawan in the girls’ division.
The unseeded Portin produced a stirring victory in the boys’ 18-U section, beating top-seed Jester Ocio, 5-3, 5-4(6) in the second round en route to pocketing the crown with a 6-3, 6-1 win over doubles partner John Rombawa; Lhuillier nipped Edgardo Angara in a tightly fought duel, hacking out a 7-5, 7-6(5) decision to snatch the 16-U title; Diva scored a 6-4, 6-1 victory over Benedict Aguilar to clinch the 12-under plum; while Lim toppled Kendrick Bona, 5-4 (4), 2-4, 5-3, for the 10-under unisex diadem. Bernardo foiled Sagandoy’s two-title bid with a 6-2, 7-5 victory in the 18-under finals; Roque thwarted Nagisa Moriyuki, 4-6, 6-4, 10-4, to bag the 14-under title; while Tanawan trounced Anne Ravino, 6-4, 6-2, in a duel of unranked bets for the 12-under crown.
orts
sMirror
Perpetual Help grabs solo lead
U
NIVERSITY of Perpetual Help System Dalta beat College of Saint Benilde (CSB), 25-18, 27-29, 25-19, 25-20, on Tuesday to snatch the solo men’s lead of the 94th National Collegiate Athletic Association volleyball tournament at the Filoil Flying V Centre in San Juan City. Aljoe Serrano led all hitters with 19 points he spiked with 15 attack points, while reigning Most Valuable Player Joebert Almodiel scattered 15 hits and did most of the dirty work with 11 receptions and five digs for the Altas who remained unbeaten in three matches. It was an emphatic win for the Las Piñas-based spikers who are on track to returning toward a second straight title and 12th overall. Letran is the league’s most titled team with 14 crowns. The Blazers, behind Ruvince Abrot’s team-best 13 hits, put up a fight and took the second set. But Serrano, Almodiel and Perpetual Help’s impenetrable net defense and solid court coverage were just too much for Saint Benilde, which fell to a 1-1 record. Perpetual Help survived a career effort from Arnel Christian Aguilar as it edged a stubborn CSB-La Salle Greenhills, 25-19. 23-25, 25-22, 27-29, 16-14, also for its third straight win and a share of the juniors lead with idle Arellano University.
Wednesday, December 5, 2018
A
ATENEO EYES CROWN
TENEO de Manila goes for all the marbles and University of the Philippines (UP) fights for survival in a men’s basketball Finals series of Season 81 University Athletic Association of the Philippines (UAAP) that have gone beyond the realms of the playing court— and almost emotionally berserk. Game Two of the best-of-three series is set at 3:30 p.m. this time at the Smart Araneta Coliseum—that Big Dome in Cubao that played venue to countless fabled triumphs and defeats. The Blue Eagles are not only trying to repeat as champions but are targeting their ninth UAAP crown against an emotion and sentimentally driven Fighting Maroons side that have only one crown to
boot—that won by Benjie Paras, Ronnie Magsanoc, Eric Altamirano and co. in 1986. Game One saw Ateneo teeter before breaking loose for an 88-79 victory—one the Blue Eagles mustered without having to scrape bottom to frustrate the legions of UP fans—students, alumni, professors and brass who have gone to social media to join the fray. The emotions have gone outside the court that one member of the UP Regents Board— Frederick “Spocky” Farolan—drew flak for his comments on Facebook and faces dismissal from the influential State University body. Just before Game One, UP Executive Vice President Ted Herbosa slammed Fighting Maroons supporters who intended to wear
black at the Mall of Asia Arena, a campaign he described as reeking with politics in sports. “It’s a stupid idea,” Herbosa said also in Facebook. Ateneo’s edge in experience was in full display especially in the pivotal fourth quarter of Game One—although Head Coach Tab Baldwin’s deputy, Sandy Arespacochaga— remained dissatisfied at how the Blue Eagles played the entire game. “We’re not happy because we gave up 13 threes. That’s something we’ll look at and work on,” Arespacochaga said. To correct their mistakes, the Ateneo coaching staff devoted more time on scrutinizing the video of Game One.
The Fighting Maroons did much damage from the three-point territory with top scorer Jun Manzo, brothers Juan and Javi Gomez de Liaño and Diego Dario each converting three triples. Ateneo went to Matt Nieto and Thirdy Ravena to outscore UP, 25-18, in the final quarter that broke open a 63-61 lead they had after the first three quarters. Beyond skills and trying to perfect their plays in practice, the inanimate gives UP Coach Bo Perasol more motivation to extend the series. “For me, for a first-timer in the Finals, I have to appreciate the effort my boys have shown. But we have a chance. We just have to defend well,” Perasol said. “You can’t lose your focus for a bit against Ateneo.” Ramon Rafael Bonilla
DOMOGAN, C.J.H. VIRTUAL CHAMPS
NU-Zobel finals series get going
D
EFENDING four-time champion National University (NU) and De La Salle-Zobel open their best-of-three title series in the girls division of the University Athletic Association of the Philippines Season 81 highschool volleyball tournament at 12 noon on Wednesday at the Filoil Flying V Centre. The Bullpups won their first meeting, 22-25, 25-23, 25-15 25-22, on October 14, before the Junior Lady Spikers rebounded with a 25-18, 25-12, 18-25, 25-20 win that ended their foes’ nine-match winning run on November 21. Graduating skipper Faith Nisperos will banner NU, along with last year’s Most Valuable Player Mhicaela Belen and Alyssa Solomon, while setter Camilla Lamina has proved to be worthy replacement for Joyme Cagande in orchestrating their plays. Angel Canino and Alleiah Malaluan, who were 1-2 in scoring in the preliminaries, will lead De La Salle-Zobel, which is making huge strides under Coach Tina Salak. The Junior Lady Spikers are in their first Finals since completing a “three-peat” in 2013 with a powerhouse roster led by Kim Kianna Dy and Dawn Macandili—they beat the Bullpups in the Finals. Incidentally, De La Salle-Zobel is the league’s most successful girls program with nine championships. Boys champion University of Santo Tomas and Far Eastern University-Diliman will dispute the remaining Finals slot at 10 a.m. The winner of the do-or-die match will face NU in the bestof-three series starting on Sunday.
BAGUIO City Mayor Atty. Mauricio Domogan blasts from the trap.
B
AGUIO City Mayor Atty. Mauricio Domogan scored a pacesetting 29 points as cohost Camp John Hay (CJH) virtually clinched the inaugural Super Senior title of the 69th Fil-Am Invitatonal golf tournament on Tuesday at the Baguio Country Club (BCC). CJH churned in a 94 for a three-day aggregate of 289 with retired Korean architect Park Jong Won scoring a solid 28 and Carlos Nano and Jun Tolete adding 19 and 18 points, respectively, in the newly introduced division for players aged 70 and older. Golf F Veteran was a distant 66 points off at second with 223 points after a 72. Team Hollywood II (49-175) and Residences (53-172) are scrambling for third place. Park, who played for the victorious CJH Seniors
Fil Championship team from 2012 to 2014 and with Pugo Adventures in 2015, led the race for individual honors with 84. Jun Bugaco of Golf F Veterans ran second with a 69. It will be a thrilling fight in Regular Fil G on Thursday after the EK Amigos made their move at the BCC to cut the advantage of three-day leader Bibak New York to only one. Rodante Pangilinan, Danny Wong, Ricky Dimarucot and Ferdie Matias were steadier at the short and Bibak NY managed 62 points on the 25 of Lindley Hora, 15 of Reggie Reyna, 13 of Donnie Leonor and nine of Jimmy Martin. A distant third was Eaglemasters (63-208). Yokosuka Rinsing Sun thrived at the longer CJH course with an 87 for 222 points to overtake
A
two-round leader IGC-Tuguegarao. The Cagayanos managed 67 points for 220 aggregate, thus setting up another spectacular finale for the Am G title. Team Foretee was third spot with 205 after a 72. Mighty Sandigans shot a 77 for a three-day total of 238 to lead the Seniors Fil C action by 11 points. Despite a two-point penalty on Day Two, Ropali-Isabela Golf Club wrested second spot from Eaglemasters after 72. Guam Kool Swingers was a shot down after a 72. BCC, meanwhile, increased its lead from eight to 15 after shooting a 90 at the CJH course for a total of 264. Reggie
Gamboa led the charge with 25, Herr Bautista and Mariano Ang made 23 each and Jun Basabica added 19 to count for the team which leads Davao Eaglemasters in Senior Am C. Davao came up with 83 points for 249, four off a rampaging Hillsiders Baguio which submitted the flight best round of 91 for a 245 total.
THAI LEADS IN LUBAO T
HAILAND’S Ornicha Konsunthea sizzled early then bucked the strong wind late in the round to churn out a bogey-free four-under 68 for a two-stroke lead over a surging Dottie Ardina and six others at the start of the International Container Terminal Services Inc. (ICTSI) Pradera Verde Ladies Classic on Tuesday in Lubao, Pampanga. Konsunthea birdied four of the last six holes at the front, spiking his solid start with a near-ace on No. 8 then survived the exacting conditions at the back with a run of pars that put her in front
of stellar field with a 32-36 card at the flat but challenging Pradera Verde layout. “I thought it was a hole-in-one,” said Konsunthea of his superb 9-iron tee-shot on the 146-yard hole. “The wind was strong and the greens are a bit slow. It’s good I made this round.” While the Bangkok native, who tied for ninth in the opening leg of the 2019 Ladies Philippine Golf Tour (LPGT) season at John Hay in October, leaned on a
Ateneo-Motolite gals: We’ll have fun TENEO-MOTOLITE wants to play without pressure but vowed to give top-seed Creamline a tough fight in their Premier Volleyball League (PVL) Season 2 Open Conference title series that kicks off on Wednesday at the Filoil Flying V Centre in San Juan. Coach Oliver Almadro and key player Bea de Leon are looking forward to “having fun” in the title series, where they weren’t supposed to be playing yet managed to gatecrash nonetheless after pulling off a 21-25, 23-25, 25-17, 27-25, 21-19 stunner over BankoPerlas in a nerve-wracking decider of their semifinals series on Sunday. “Coach O,” Almadro’s monicker, admitted the Lady Eagles were just supposed to gain experience in the tournament for the coming University Athletic Association of the Philippines (UAAP) Season 81. “The finals will be tough for us. We’re a
C3
collegiate team just learning going to the UAAP [season],” Almadro told the Philippine Sportswriters Association (PSA) Forum at the Tapa King Restaurant at the Farmer’s Plaza in Cubao, Quezon City. Despite the odds, de Leon said the Lady Eagles are ready. “It’s going to be tough because they know us and we know a bit of them. They have a lot of veterans and they’ve been together for a while,” she said. “But on our side, we’re young and we’re very enthusiastic, we’re very eager to play and prove to ourselves that we can do it.” The teams split their two head-to-head encounter in the double-round eliminations. Games Two and Three, if necessary, will be played back-to-back on Saturday and Sunday in Batangas City and back at Filoil Flying V Centre in San Juan. Also gracing the weekly session presented by San Miguel Corp., Tapa King and the Philippine
Amusement and Gaming Corp. were members of the Parañaque Aces and Dasmariñas Ballers who will clash in the finals of the inaugural National Basketball League (NBL)-Philippines starting also on Wednesday at the San Dionisio Gym in Parañaque City. Like Ateneo-Motolite, the fifth-seeded Ballers rose from the grave and overcame a twice-to-beat disadvantage by top-seed Bulacan Makabayan to advance to the best-ofthree title series. “Momentum-wise, we are confident. But we’re back to zero in practice. It’s anybody’s ball game,” Dasmariñas Coach Azlie Guro said. Parañaque, the second-seeded team, made the finals by beating the Laguna Pistons in their knockout semifinals match. “The momentum is on their side, and they have been playing well lately. So it would be difficult to beat them,” Aces Head Coach Harold Sta. Cruz said.
strong start to seize control on a day before her 22nd birthday, Ardina put on a scorching windup when things got a lot tougher to get back into the mix after blowing a fine start with four bogeys in a seven-hole stretch from No. 5. But the LPGA Tour-bound ace rallied with a pair of back-to-back birdies from Nos. 14 and 17 to crowd Thais Chonlada Chayanun, Trichat Cheenglab, Yupaporn Kawinpakorn, Chankansim Khamborn and Chommapat Pongthanarak and compatriot Princess Superal at second at 70. “I got caught by the gusts at the back,” said Ardina, who still rose to the challenge and drilled in birdies from long range to wheel back into early contention in her rare stint in the circuit put up by ICTSI and organized by Pilipinas Golf Tournaments Inc. Superal missed grabbing solo second with a bogey on No. 14 but remained
THAILAND’S Ornicha Konsunthea posts a twostroke lead over Dottie Ardina (left) and six others after the first round on Tuesday.
confident of her chances for a third victory in the year after scoring back-to-back triumphs at the Riviera and Midlands stops of the 2018 LPGT season. “I’m okay and didn’t have much problem with my game despite the strong wind,” said the 22-year-old former US Girls Junior champion and the newly crowned LPGT Order of Merit winner. The Thais, however, are all geared up to dominate the P1-million event with Chayanun birdying three of the last seven to string a 36-34 card, Cheenglab gunning down three birdies at the front for a 33-37 round, Khamborn also banking on a solid start of three birdies after 14 holes before dropping a stroke on the next for a 34-36 effort, and Pongthanarak birdying the closing par-5 hole to save a 34-36 card. Kawinpakorn, the spearhead of the crack Thai crew who won the Beverly Place and Summit Point legs of the 2018 LPGT, birdied Nos. 15 and 16, to likewise, join the crowded group with three more Thais—Waralee Atcharek, Preenaphan Poomklay and Arpichaya Yubol—just a stroke adrift with 71s.
AL MENDOZA alsol47@yahoo.com
THAT’S ALL
Honesty at its best again at Fil-Am golf
BAGUIO CITY—The 69th edition of the world-famous Fil-Am Golf Invitational is on at its traditional venues, the Baguio Country Club (BCC) and Camp John Hay (CJH), here. It is a globally known event because it still holds the record as the biggest amateur golf tournament in the world, with nearly 1,500 participants this year from across the universe. Not only that. The Fil-Am golf, backed by San Miguel Corp. and Toyota Motors Philippines, is also supposed to be the world’s longest running amateur golf tilt, according to the Guinness Book of World records. And if there’s one tournament that has become a hero factory, consistently all these years, it is also the Fil-Am. On Monday morning, it manufactured one. Mike Cummings went to Roanne Galicia, the Secretariat’s top gun at BCC, to say the leader board had reflected a wrong entry in his scorecard: a bogey (one point) instead of a pickup (zero). What a difference a point makes. Through Cummings’s heroism, honesty is upheld once more in a game—sorry for this—that is infamously peopled by cheats. But in this wicked world, there will always be those who abhor enrolment in the rogue gallery. “My conscience will bother me for life if I didn’t report it,” Cummings said to Roanne. Years back in the Fil Am, Poch Hernandez also disqualified himself when he saw a similar mistake entered in his scorecard. Indeed, the Fil-Am is not wanting in heroes. Cummings’s score the day before—a huge 26 points—was obliterated. In its place was the team’s fifth man score, dropping Guam Kool Swingers from No. 1 to No. 4 in the standings. “I dread the thought of possibly winning a trophy that doesn’t belong to me,” Cummings told Roanne. The incident had CJH’s Tim Allen, the tournament cochairman with BCC GM Anthony de Leon, suddenly racing down memory lane. “Modesty aside but some 20 years back, I did the same,” said Tim. “In my hurry, and after playing horribly, I signed for a score lower than what I actually did.” Tim had left the one-day tournament in Chicago, hurriedly, when he remembered his mistake. “I couldn’t turn back anymore as I was trying to catch another tournament in Indianapolis,” said Tim. “That’s about a 2-1/2 hour drive away.” Tim pulled over the freeway, called up the tournament director in Chicago and told him to disqualify him for signing a wrong score. “It is what it is,” said Tim. “You play the game with honesty at all times.” Did Tim arrive in time for his Indianapolis tee-off at 2 p.m. that day? “I did, luckily,” he said. “And I played well in that two-day tournament. I have always believed in karma.” Mike and Tim—and Poch, too—you all made the Fil-Am proud. THAT’S IT While the University of the Philippines fights for sheer survival today, Ateneo tries for a second straight win to wrap up a much-coveted backto-back triumph in the UAAP’s Season 81 basketball tournament. All eyes are on Paul Desiderio, UP’s spark plug who conked out in Game One with just five meaningless points to his name. Desiderio must climb out of the hole and, together with Bright Ahkuetie and Juan Gomez de Liaño, must recapture UP’s spunk to force a Game Three decider this weekend. Easier said than done. Ateneo’s seeming invincibility is fueled by a killer defense and an offensive sock impeccably working practically in clockwork precision. Hungry UP versus steady Ateneo. Take your pick.
SPREADING Sports THE WEALTH BusinessMirror
C4
| Wednesday, December 5, 2018 mirror_sports@yahoo.com.ph Editor: Jun Lomibao
The Warriors— again starring Stephen Curry, Kevin Durant and Klay Thompson— snap a six-game losing streak on the road.
NBA RESULTS Oklahoma City 110, Detroit 83 Cleveland 99, Brooklyn 97 Denver 106, Toronto 103
By Paul Newberry
A
The Associated Press
TLANTA—Golden State’s Big Three went for balance. Stephen Curry scored 30 points, Kevin Durant had 28 and Klay Thompson chipped in with 27 as the Warriors cruised past the Atlanta Hawks, 128-111, on Monday night, snapping a six-game losing streak on the road. All three stars have scored more than 50 points in a game this season. This time, they spread the wealth. “Our defense set the tone,” Curry said. “Everybody gets to touch the ball.” With Curry scoring 18 points in the opening quarter, this one was never in doubt. Golden State raced to a 34-17 lead in the first 12 minutes—Curry outscored the Hawks by himself— and the defending National Basketball Associaton champions won for only the fourth time in 10 games. Playing for the second time since missing 11 games with a groin injury, Curry hit his first six shots, four of them beyond the arc. He finished 6 of 10 from three-point range “I think he’s now back in the groove,” Coach Steve Kerr said. “He looked great handling the ball.” The Warriors led 61-47 at halftime and stretched the margin as high as 24 points, sending the rebuilding Hawks to their third straight loss. “We needed a win on the road,” Curry said. “We kind of didn’t want to give them life.” Despite the win, Kerr said he’s not pleased with his team’s performance. “We’re not where we need to be by any stretch of the imagination,” Kerr said. “We’ve been kind of uneven to this point.” John Collins led Atlanta with 24 points, and Trae Young added 20. But it was a tough night for Young, the rookie
guard who the Hawks are hoping to turn into their Curry-like centerpiece. He had seven turnovers and missed all five of his threepoint attempts. “I really don’t listen to or care about the comparisons,” Young said. “All I’m thinking about are my teammates and putting them in the best position to win.” The youngster is struggling with his shot, especially from long range. He’s only connecting on 23.9 percent of his three-pointers. “They’re picking me up full court,” Young said. “They’re not going to just sag off and let me have open threes. I’ve got to find a way to knock them down. I will.” In Detroit, Steven Adams scored 21 points, Russell Westbrook added 18 and Oklahoma City ended the Pistons’ five-game winning streak, 110-83. Paul George added 17 points for the Thunder, who are 15-3 since losing their first four games. Blake Griffin led Detroit with 20 points, while Andre Drummond added 13. Detroit came into the game having won six straight at home, including the first five games on its current homestand, but fell six points short of its previous season low. Detroit’s offense continued to struggle in the second half without Reggie Bullock, who left the game in the first quarter with an ankle injury. The Thunder took a 71-51 lead midway through the third quarter and led by 28 at the end of the period. In the fourth, Oklahoma City led by as many as 35. Karl-Anthony Towns helped erase a 14-point halftime deficit to lift Minnesota over Houston, 103-91.
Towns led Minnesota with 24 points and 11 rebounds, and Andrew Wiggins had 16 points. The Rockets led by as many as 19 in the first half before Minnesota stormed back to take the lead for good in the third quarter. James Harden finished with 29 points, and Clint Capela added 24 for the Rockets. Houston went cold after halftime, scoring just nine points in the fourth quarter and 29 total in the second half. Minnesota clamped down on defense in the third quarter while shooting 7 of 10 from threepoint range. Houston shot just 38.1 percent in the third quarter and connected on 2 of 11 from deep. Jordan Clarkson had 20 points and 11 rebounds, newcomer Alec Burks threw down a two-handed dunk with 3.2 seconds left in regulation and Cleveland avoided a fourthquarter collapse to score a 99-97 win over Brooklyn. Tristan Thompson had 19 points and 14 rebounds for the Cavaliers, who snapped their four-game losing streak. The Nets went on a 17-6 run in the fourth, tying it 97-all on rookie Rodion Kurucs’s put-back lay-up with 18.9 seconds left. Burks drove past Spencer Dinwiddie for the dunk that sealed it. D’Angelo Russell scored 28 points for Brooklyn, which has lost seven straight and nine of 11 overall, including their last six at home. Dinwiddie had 18 points off the bench.
Golden State 128, Atlanta 111 Washington 110, New York 107 LA Clippers 129, New Orleans 126 Minnesota 103, Houston 91
COACHING IN STYLE New Orleans Pelicans Head Coach Alvin Gentry yells against the Los
Angeles Clippers in the second half of their game in New Orleans on Monday. AP
KEVIN DURANT slams one in against the Hawks. AP
SPORTS PLUS
Afghan head orders probe of sexual abuse KABUL, Afghanistan—Afghan President Ashraf Ghani has ordered the attorney general’s office to conduct an investigation into allegations of sexual abuse of female athletes. Tuesday’s statement from the presidential palace quotes Ghani as saying that any kind of misconduct against athletes, male or female, was not acceptable. The development follows a Guardian report last Friday about cases of sexual abuse of Afghan female soccer players.
Ghani says this was “shocking to all Afghans.” He met with officials from the Afghan National Olympic Committee, sportsmen and sportswomen at the palace on Monday night and pledged that authorities would “conduct a thorough investigation into this.” Attorney General Farid Hamedi says his office has already formulated a plan for a comprehensive and transparent investigation. AP
Red Sox agree White House invitation BOSTON—The Boston Red Sox have accepted an invitation to the White House to celebrate their World Series championship. “We’ve accepted and we’re going to see if there’s a date that works,” team President Sam Kennedy said on Monday night before the premier of the ballclub’s 2018 highlight video. Once a standard, nonpartisan perk of winning it all, the traditional champions’ visit to Washington has become more politicized. Some teams have declined invitations from President Donald J. Trump; in other cases, individual players stayed home.
Kennedy says it’s up to players to decide whether they want to attend. “Like in the past, it’s an invitation. It’s not a mandatory, command performance,” he said. “It’s an opportunity for these guys to get the recognition they deserve for a world championship.” Manager Alex Cora said he’ll be there. A native of Puerto Rico, Cora has been vocal in his call for the president to do more in the wake of Hurricane Maria that devastated the island. “I’m going to use my platform the right way,” he said. “I’m not going there to embarrass anybody.” AP
Maradona confronts rivals’ fans after loss MEXICO CITY—Manager Diego Maradona confronted opposition fans after his Dorados team lost to Atletico San Luis, 4-2, in the second leg of the Mexico second-division final. Dorados of Sinaloa won the first leg, 1-0, and saw a 2-0 lead slip away on Sunday after an own goal. Maradona used a walkie-talkie while watching the final from the stands because he had been banned from the field during the first leg for arguing. Local media on Monday published videos of an infuriated Maradona hurling unprintable Mexican and Argentine insults and trying to punch
someone apparently while leaving the stadium in the north-central city of San Luis Potosi. The Mexican soccer federation said on Monday that it is investigating Maradona’s actions. The Argentine great took over as coach in September, when Culiacan-based Dorados was at the bottom of the standings with just three points after six rounds. DIEGO MARADONA speaks by a walkietalkie at the stands. AP
S
Saving God
AVING God, You are our refuge in times of trouble. In hope we pray: Listen to our prayer. Guide Pope Francis, our bishops and all Your Church by the light of the spirit. Inspire us to offer support and encouragement to farmers and all who work the land. Strengthen those who assist in emergencies and all who experience devastation from natural disaster. May God bless us and prosper the work of our hands and hearts, through Christ, our saving help. Amen. GIVE US THIS DAY SHARED BY LUISA LACSON, HFL Word&Life Publications • teacherlouie1965@yahoo.com
Editor: Gerard S. Ramos • lifestylebusinessmirror@gmail.com
Life
JUST THAT: WHAT BEGAN AS A SMALL TOY SHOP OPENS ITS FLAGSHIP SPORTS STORE D4
BusinessMirror
Wednesday, December 5, 2018
D1
It’s almost 2019. Do you know where your photos are? By John herrMan
Samsung releases world-first quad rear camera smartphone
I
New York Times News Service
N 2005 Yahoo acquired Flickr, the popular photo site. It already had a photo site, Yahoo! Photos, which was created in March 2000. But don’t worry, the company said: The two could happily coexist. In 2007 Yahoo announced it would discontinue that first photo service, and that users should move their photos to Flickr, which now required a Yahoo account to use. In 2013 the company announced that Flickr users would have a terabyte of space—for most people, an effectively unlimited amount—to store images for free. (“We want all your photos,” said Adam Cahan, a Yahoo executive at the time.) By then, digital cameras were ubiquitous and smartphones had gone mainstream. People were producing more photos than ever, but it still wasn’t clear where they were supposed to end up. Earlier this year, Flickr, now owned by Oath, a subsidiary of Verizon, made another announcement: It would be selling to SmugMug, a smaller competitor. By making promises it couldn’t back up, based on an advertising model that it couldn’t sustain, Flickr said, Yahoo had “attracted members who were drawn by the free storage,” rather than “lovers of photography.” This news came with a new default storage limit: 1,000 photos. Users could begin paying or take the rest elsewhere. A digital photo first uploaded to Yahoo at the turn of the century, in other words, when most people online were still dialing in to get there, and not once again rescued this year, may finally meet its demise. It would have had a better run than most. And here it is, almost 2019. Do you know where your photos are? Most of us don’t, at least not exactly, or in terms that we fully understand. Holding on to pictures was, for most of the history of photography, a matter of material decay and physical storage. Are these prints fading, and how fast? Are they organized by year or by subject? Do I know where they? To the people who took them, they were deeply valuable; to anyone else, mostly worthless. Their peculiar sort of pricelessness made archivists of regular people. The problem of what to do with ballooning digital photo collections, on the other hand, is perhaps the great unsolved tech support question of the past 30 years. In retrospect, well-intentioned guidance reads like a manual for the obliteration of memory. Hard drives die unpredictably. If you could produce a Zip drive in 2018, it would likely regurgitate whatever you fed it. CDs and DVDs rot, it turns out. The first services that beckoned us to what was not yet widely known as the cloud set the tone for what was to come. At the turn of the century a site called Zing promised, in a first, “free unlimited online storage” for photos. By the end of 2001, its home page had been replaced with an apology letter. But online photo collections kept growing—where else would we go? Newer, more credible services hustled for users. Storage practices didn’t get revised, they accumulated: Photos lived on old discs and drives, moving from site to site, cloud to cloud, from Photobucket to Flickr to Facebook and back, or maybe just waiting on ever-larger SD cards. (Those die, too.) “The thing I’ve come across with my clients is not necessarily ‘How do I store them?’ but ‘How do I move them to the newest application?’” said Kaitlyn Ackron, a 17-year-old student in Rio Rancho, New Mexico, who provides tech support for seniors through an organization called Teeniors.
AFTER making waves in its successful launch event last October in Kuala Lumpur, Malaysia, the Samsung Galaxy A9 is finally in the Philippines, the first-ever quad rear camera smartphone to hit global markets. The pioneering smartphone flaunts four cameras—each designed to fulfill a different function so users can see the world in a whole new perspective. The newest camera addition to the Galaxy A series is the 10MP 2x Optical Zoom camera that allows one to go really close and capture subjects in great detail. The Galaxy A9 is also equipped with a 120° Ultra Wide Angle camera, letting users to see the bigger picture and take photos in a wider frame. Additionally, this smartphone features Depth Lens with Live Focus, making it easy to take artistic photos with a varied depth of field or bokeh effect. Meanwhile, the 24MP Main Camera captures stunning photographs in any lighting condition, whether in bright or low light. Apart from its advanced cameras, the Galaxy A9 also comes with powerful features for exceptional performance. The smartphone lasts all day with its 3,800mAh battery life, carries 128GB of storage capacity and supports up to 512GB of expandable memory. It also sports a sleek and ergonomic design with a 3D Glass curved back that fits comfortably in one’s hand. Available in Lemonade Blue and Caviar Black, the Samsung Galaxy A9 is offered with a free camera kit bundle until December 31. The bundle contains a mini tripod, Samsung 10,000 mAh Powerbank, Bluetooth Hand Grip, and Nanofixit Screen Protection and Screen Cracking Insurance. More information can be found at samsung.com/ph.
To encourage more use, Instagram to allow sharing with fewer
PHOTO GLUT
NOW, again, with services like iCloud, the tech industry is promising us all the space we need. This time, however, it has barely felt the need to pitch us. Photo glut is a common condition. In a world where images are increasingly created on smartphones only to be shared on smartphones—where a camera roll is at once a photo inbox, outbox, a storage unit and junk drawer, and is, as an archive, an incomprehensible stream of context-free media—the question of where all this media will go in the future has been shoved aside. The more urgent question is: What are we supposed to do with it right now? These days, smartphone makers don’t need to pitch; they tend to just make us aware of what’s already happening automatically. If you use an iPhone, every picture can be uploaded to Apple’s servers, until you run out of free space, at which point you’ll either need to start deleting things or rent some more, from Apple.
By BarBara ortutay The Associated Press
NEW YORK—Keep your friends close...and your close friends closer? Instagram is adding a feature to make it easier to share photos and videos with fewer folks. Called Close Friends, the new feature lets users share Stories— photos and videos that disappear after 24 hours—with people they put on a special list. The idea is people may feel more comfortable sharing some things with just close friends, rather than all followers. Regular posts would still appear to everyone, though users have the option of preapproving followers. Facebook already lets people narrow audiences for individual posts, but the Facebookowned Instagram hasn’t. Social-media companies are quickly learning that bigger audience sizes for users can mean a reluctance to share more personal stuff. So, they are adding ways to communicate with smaller groups. This is why Facebook is beefing up its Groups feature, and why messaging apps are so popular. Robby Stein, product director at Instagram, said the feature took more than a year to complete. It starts rolling out to users on Friday. To use it, first create a list of close friends by going to your profile and tapping the icon with three horizontal lines. Instagram will suggest people to add based on how often you interact with them, or you can pick your own. Once that’s done, you can create a story just for those people. Friends aren’t notified when you add them to the list, or if you remove them later, and they can’t request to be added. But they’ll eventually know: Stories they get this way will have a green circle around them, rather than the usual pink. You can create just one Close Friends group, though, rather than separate ones for families, friends and other circles, as you can on the main Facebook service. Stein said Instagram wanted to keep things simple and observed that when there are multiple lists, people don’t tend to use them. Instagram copied the Stories feature from Snapchat years ago and now has more than 400 million people using the feature each day. That’s more than twice the number using Snapchat— not just its Stories feature—each day.
Continued on d4
ARTWORK BY JOHANNA GOODMAN FOR THE NEW YORK TIMES
Globe launches exclusive presale promos for Korean girl group concert GET ready to “Ddu-Du Ddu-Du” along with the hottest Korean girl group, BlackPink, as they come to the Philippines for their first-ever visit. The K-pop heartthrobs will be performing live for their Filipino fans at the Mall of Asia Arena on February 2, 2019. Can’t wait to get your tickets? Globe Prepaid is giving fans the chance to grab the hottest tix before they’re available to the public with an exclusive first-dibs promo to get access to the ticket presale on December 5 (globe.com.ph/go/ events/blackpink). Globe Prepaid launches On The List, an
exclusive community of customers who will enjoy leveled-up event perks. First-dibs promos, ticket giveaways and other surprises await members. Prequalified customers will receive a text inviting them to sign up for On The List. First 320 members to text “FIRSTDIBS” will surely have first access to the presale and immediately receive a unique code. They can then purchase their tickets at SMTickets. com or any SM Tickets outlet with this unique code on December 5. BlackPink’s Manila stop is part of the Korean girl group’s 2019 world tour, which also includes Bangkok, Singapore and Hong Kong. The group
is the highest-charting female K-pop act on the Billboard Hot 100. They are the first and only K-pop girl group to enter and top Billboard’s Emerging Artists chart. They are also the first female K-pop group to have four No. 1 singles on Billboard’s World Digital Song Sales chart. Most recently, Globe Prepaid brought huge acts such as EXO, Super Junior and Wanna One to the country to satisfy Filipinos’ K-pop cravings. With the exclusive BlackPink presale promos, Globe Prepaid continues to strengthen this commitment to bringing the best in K-pop and world-class entertainment closer to Filipinos.
New Zealand halts Huawei from 5G upgrade over security fears By niCK Perry
The Associated Press WELLINGTON, New Zealand—New Zealand’s international spy agency on Wednesday halted mobile company Spark from using Huawei equipment in its planned 5G upgrade, saying it posed a “significant network security risk.” The action follows a ban in Australia, where the Chinese telecommunications giant was blocked in August from rolling out Australia’s 5G network due to security concerns. In New Zealand, Huawei has previously helped build mobile networks. In March Spark and Huawei showcased a 5G test site across the street from the Parliament, in a publicity move that was attended by
then -roadcasting Minister Clare Curran. The latest development could have diplomatic and economic implications for New Zealand, which relies on China as its largest trading partner but which is also part of the “Five Eyes” security alliance that includes the United States, Britain, Canada and Australia. At a daily briefing in Beijing, Foreign Ministry Spokesman Geng Shuang said China was “severely concerned” over the decision. “The economic and trade cooperation between China and New Zealand is mutually beneficial in nature,” Geng said. “We hope New Zealand will provide a level playing field for Chinese enterprises’ operation there and do something conducive for mutual trust and cooperation.” Huawei said in a statement it was looking into the
situation and would actively address any concerns to find a way forward. It said the company was committed to developing trusted and secure solutions for its customers. New Zealand was the first developed nation to sign a free-trade deal with China in 2008, and China buys billions of dollars of New Zealand’s dairy exports each year, which are often used in making infant formula. New Zealand’s previous conservative government had a close relationship with China. But over the past year under liberal Prime Minister Jacinda Ardern, New Zealand has pulled back somewhat, embracing a warmer relationship with Japan and putting resources into the Pacific, in part to counter China’s growing influence there. Huawei suffered a setback in the US market in 2012 when a congressional report said it was a security risk and warned phone companies not to buy its equipment.
The private Chinese company was started by a former People’s Liberation Army major in 1987. Spark is one of three main mobile network operators in New Zealand. The companies compete for customers over their own network of cell towers, using radio spectrum that is licensed from the government. Spark said it is disappointed with the decision by New Zealand’s Government Communications Security Bureau. But the company said in a statement it’s confident it can still launch its 5G network by July 2020. Spark said it had wanted to use Huawei 5G equipment in its planned Radio Access Network, which involves technology associated with cell tower infrastructure. The company said it has not yet had time to review the detailed reasoning behind the spy agency’s decision, or whether it will take further steps.
D2
Wednesday, December 5, 2018
Pet Corner BusinessMirror
Flying with emotional support animals: The ups and downs of life in coach
www.businessmirror.com.ph
z
Today’s Horoscope By Eugenia Last
CELEBRITIES BORN ON THIS DAY: Frankie Muniz, 33; Jessica Pare, 38; Margaret Cho, 50; Little Richard, 86. HAPPY BIRTHDAY: Put more oomph into whatever you do this year. Sitting on the sidelines won’t help you get further ahead. Look for opportunities that will allow you to use your skills and experience in new and exciting ways. Collaborating with like-minded people will help you bring about the change. Stick to a budget and plan; success will be yours. Your lucky numbers are 6, 13, 23, 29, 37, 43, 46.
a
ARIES (March 21-April 19): Look at all aspects of whatever situation you face. Look over your personal documents to ensure everything is updated as we head toward the end of the year. Check your resources to be sure you received factual information. HHH
b
TAURUS (April 20-May 20): Be aware of how much you spend, donate or owe to others. Someone may double bill you or overcharge you. Check receipts and bank transactions. Work and personal relationships will get a boost. Romance is in the stars. HHH
c
GEMINI (May 21-June 20): Go over details carefully. Find out what’s expected of you. Don’t sign up for something that will end up causing friction for you and someone you love. Partnerships will face a dispute if honesty is questioned or indulgent behavior is displayed. HHH
d
CANCER (June 21-July 22): Work alongside like-minded people. If someone doesn’t fit in, distance yourself to avoid being linked to the problem. An emotional plea will help you persuade others to see things your way. Personal improvement is encouraged. HHHHH
By Christine Calder
T
Mississippi State University
HE Department of Transportation (DOT) has been considering new guidelines for flying with emotional support animals since spring 2018, but it doesn’t look like those guidelines will be ready in time for the holiday travel season. No one knows whether the new guidelines could have helped recent Delta Air Lines passenger Matthew Meehan, who claimed that he had to sit in doggie poop from an emotional support animal on a November 1 flight from Atlanta to Miami. The dog became sick on a previous flight, the airline reported, leaving the mess for Meehan. And that was after Delta tightened its rules for flying with emotional support animals. In recent years, the number of animals flying in the cabin on airplanes has increased exponentially, due to an increase of these emotional support animals. United Airlines reported a 77-percent rise in just one year of emotional support animals. These animals fly for free, and sometimes they and their human are upgraded to first class to avoid a kerfuffle in coach. As an assistant clinical professor of veterinary medicine and veterinary behaviorist, I have experience in small animal care and animal behavior, and I am concerned about the welfare of animals on planes, as well as the humans. The issues are more complicated than many imagine. Stressed out by flying? Aren’t we all EMOTIONAL support animals differ from trained service animals, who have been trained to do work or perform a task for the benefit of a person with a disability. Most emotional support animals are not officially trained to offer support, but their owners consider them a comfort nonetheless. Some people who need trained service animals have grown weary of emotional support animals. Many resent their work animals being lumped in with emotional support animals, whom they consider poseurs. Many also claim that their service animals are being turned away from flights in the wake of tighter restrictions imposed
by some airlines. Oscar Munoz, CEO of United Airlines, told a business group that the situation aboard has become so ludicrous that his airline was expected to fly a support animal for an emotional support animal. Last year United drew a line in the sky when a passenger wanted to fly with an emotional support peacock. For American Airlines, the last straw was a goat (miniature horses are still allowed). American issued new guidelines in July that also restrict support animals from occupying a seat or nibbling food from a tray table. There’s no mention about whether they can drink on board. Pet owners, however, claim that it is discriminatory to deny them the comfort of emotional support animals. The DOT and other government agencies have been exploring a revision in the laws. These stricter proposals have received revision requests and support from both the American Veterinary Medical Association (AVMA) and the Association of Flight Attendants-CWA Union. The AVMA pushed back on language, however, that would have made its members accountable for verifying that an animal will behave, because there is no way to guarantee the behavior of an animal. A long history THIS all took off when the 1986 federal Air Carrier Access Act allowed people with mental-health disabilities to fly on a plane with an animal free of charge, if it alleviates the person’s condition. Over the years, however, airlines have said that some animal-carrying passengers abuse the rules so they can simply fly with their pets for free. Some want to prevent their pets from flying in cargo, where some pets have died. Many passengers traveling without animals have said they are stressed by emotional support animals. Animals trigger phobias in some people and allergies in others; about 10 percent of the human population is allergic to animals. Cats bear most of the blame, but proteins in dog dander and even saliva can cause an allergic reaction. Many airlines now require advance notification. Many also want a diagnosis letter for the human stating that the person is psychologically disabled
and can not be without the stability provided by that pet. Writing such a letter can pose risks and ethical dilemmas for psychologists, however, a study suggested. Nonetheless, people seeking a letter can usually obtain one online. The airline industry also considered asking for documentation from a veterinarian that the animal can behave in public and that it is healthy and has been vaccinated. The AVMA emphasized to the DOT that veterinarians cannot vouch for animals’ behavior and that expanding the scope of the veterinary form could lead to refusals by veterinarians to fill out these forms. That, in turn, could result in certified service animals being denied air transportation. The airlines dropped that requirement. Instead, many airlines ask that the animal just be clean and not have an odor. Who’s right? THERE’S a lot of scientific evidence that being in close proximity to, and living with, companion animals has many psychological and physiological benefits for humans. In children, animal-assisted therapy has been shown to reduce pain perception and provide better coping skills in the hospital environment. Another study found that in children with autism, social behaviors increased in the presence of animals compared to toys. Studies also have shown a positive effect of service dogs on war veterans and people with traumatic brain injuries. But do emotional support animals really help people more than traditional pets? According to a 2016 literature review by two psychologists and a psychology graduate student, the answer is no. There is little evidence to support that emotional support animals are more effective than traditional pets. In fact, there are no specific guidelines or standards for evaluating emotional support animals. And, without standards, legal protection is complicated when incidents occur, such as when a pit bull bites a person, as one did on a Delta Air Lines flight, leading the airline to ban that breed.
e f
LEO (July 23-Aug. 22): Consider what you need to do to get what you want. Take note of any complaints you face to avoid a situation that could end up costing you financially. Take care of your health, and nurture personal relationships. HH VIRGO (Aug. 23-Sept. 22): Handle personal matters with care. Your relationship with someone special may be on shaky ground if you aren’t sympathetic to his or her emotional pleas. Honesty will be questioned when it comes to how you feel. Be upfront. HH
g h
LIBRA (Sept. 23-Oct. 22): A change may be what you want, but make sure it’s reasonable before you begin your journey. Listen to the advice offered by someone who has helped you in the past. Don’t let an old flame disrupt your life. HHH SCORPIO (Oct. 23-Nov. 21): A day trip or pursuit of knowledge will help you figure out the best way to turn your dream into a reality. Put muscle into whatever project you choose to find a way to get things done. Romance is encouraged. HHH
i
SAGITTARIUS (Nov. 22-Dec. 21): Keep your plans to yourself until you are fully prepared to present what you have to offer. If you share too early, someone will interfere with your plans and throw you off course. Do as much as you can on your own. HHH
j
CAPRICORN (Dec. 22-Jan. 19): Do your own thing. Don’t let anyone talk you into doing something that will eat up your time for little return. Pour your time and energy into selfimprovement, personal gain and spending time with someone you love. HHHH
k
AQUARIUS (Jan. 20-Feb. 18): A challenge will turn out to be more difficult than anticipated due to matters someone withheld. Before you sign up to help, find out exactly what’s entailed. It is better to offer suggestions, nothing more. HH
l
PISCES (Feb. 19-March 20): Dig in and get things done. If you spend too much time talking and not enough time doing, you’ll make a poor impression on someone who could be influential to you in the future. A personal improvement looks promising. HHHHH
Continued on D4
BIRTHDAY BABY: You are determined, reticent and detailed. You are worldly and tolerant.
‘fetch!’ BY TIMOTHY E. PARKER The Universal Crossword/Edited by Timothy E. Parker
ACROSS 1 Strange carnival performer 5 Likely to win races 9 Not drunk 14 No-wind, nautically 15 Like lame threats 16 European “boot” 17 Horse’s dad 18 Harlow or Stapleton 19 Twisted yarn 20 Laptop director? 23 Work the helm 24 Treaty of Rome grp. 25 First lady 28 Not urban 32 Peanut-farming president 34 It’s game objective? 37 Accompanying birth 39 Spherical hairdo 40 “Hold that position!” 44 Letters for impatient bosses 45 Blend, with traffic 46 David ___ Roth 47 Title anew
50 Recovery period 52 Left one’s feet 53 Had avocados 55 Statement of guiding beliefs 59 Terrible 71-Across guest 64 Use, as the good china 66 Creative thought 67 Facial blemish cause 68 Copy a vicious dog 69 “Cheers” character 70 Art ___ (style) 71 Celebrate heartily 72 Yucky food 73 Spotted DOWN 1 Short pants? 2 T.S. of poetry 3 Chilling 4 Sharper, as a pain 5 Island country in Oceania 6 Mideast Gulf 7 Smeltery byproduct 8 About to freak out 9 Glass component
10 “Narc” attachment 11 Laundry load, typically 12 Building addition 13 A deli bread 21 Place for sweaters 22 Sleuth 26 Phileas Fogg’s creator 27 Uneven, as a shoreline 29 Snitching mobster 30 Tiny matter? 31 Wedding cake tier 33 Cloth for a spill 34 Pre-Revolution VIPs 35 On a Pacific liner 36 BC Cygni, for one 38 Handed-down stories 41 IRS calculator? 42 “Ye-c-c-ch!” 43 Come to, as conclusions 48 Principally 49 Abbr. of continuation 51 Covers with crumbs 54 Barely earning (with “out”) 56 Show host
57 Classroom chucklehead 58 Nickel finish? 60 Libel, e.g. 61 Hero plus 62 Horrific emperor 63 Squish down 64 Sixth sense 65 Santa ___, Ca. Solution to yesterday’s puzzle:
www.businessmirror.com.ph
Show BusinessMirror
Wednesday, December 5, 2018
D3
George R.R. Martin on how ‘Night�lyers’ made ‘Game of Thrones’ pwossible By JenniFer Vineyard
New York Times News Service
SYFY’S Night�lyers series is based on the 1980 novella of the same name written by George R.R. Martin, the creator of Game of Thrones.
G
EORGE R.R. MARTIN was surprised to learn that his 1980 novella Night�lyers was being turned into a television series by Syfy, mainly because he hadn’t realized that he’d sold the TV rights to it. When he heard that the show was in development, he said, his first reaction was shock and outrage: “Wait a minute! How can they make a TV series? No one purchased any rights from me!” But when he read the fine print in the movie rights contract he signed in 1984 (resulting in a poorly received 1987 adaptation), he realized the TV rights had been included. “And then somebody bought those rights, and then somebody else bought those rights, and so on,” he said, until the chain eventually led to Syfy and Universal Cable Productions, the producing studio. True to Martin’s penchant for killing off key figures, the original story, about a team of scientists on a haunted spaceship trying to make contact with a mysterious alien race, had seven of eight characters dying in quick succession. “I was like, ‘What’s going to be in the fourth episode?’” Martin said. “Who’s going to watch four seasons of a spaceship full of corpses?” So changes were made for the series, which debuts on Sunday on Syfy. But they were devised mostly without Martin’s input because of his exclusive deal with HBO. He was able to share a few thoughts, though, including about an old casting decision he’s always regretted. In a phone interview, Martin discussed this, future “sexing” and how the largely unloved Night�lyers movie saved his career. He also shared a few details about his Game of Thrones successor series, which he still refers to as The Long Night even though HBO told him not to. These are edited excerpts from the conversation. The character Melantha Jhirl is a black woman in the novella, but on one of the book covers and in the 1987 movie adaptation, she was white. How did you feel about that whitewashing then and about the new show’s casting of black actress Jodie Turner-Smith? Just having her cast was very gratifying to me after what happened in the 1980s. I wrote the lead character as a black woman—in fact, the name Melantha means “black flower.” And initially, when the story was first published in a magazine, Analog, they put an astronomical cover on it, just the spaceship. But a couple of years later it was reprinted in a short story collection, and that was the first one to show a character on the cover. And to my surprise and shock, the character was a white woman! I phoned up the editor and I said: “This is wrong. She’s explicitly described as being black.”
BLIND SPOT BRUCE C.
NO INTERVIEWS, PLEASE
DURING a recent media event involving several personalities, a controversial couple stipulated that they couldn’t be interviewed. So all the press people and bloggers at the event were told this—no interviews with the couple. They couldn’t even be approached casually. But guess what? No one wanted to interview them because the media were simply not interested. So the controversial couple just stayed in a corner, just as they wished.
DUMMIES?
MANY are questioning the provenance of a certain company led by two flamboyant personalities. Personality No. 1 is the best friend of a celebrity being linked to a sketchy businessman so people are speculating that he could be a dummy. The company, according to speculations, is allegedly a money-laundering scheme by the sketchy businessman. Clue: The celebrity is committed to a powerful and moneyed person while the sketchy businessman is an associate of an equally sketchy but well-connected person.
HE’S CHANGED
THE male celebrity used to be so nice and amiable but recent developments in his life and financial status have resulted in people seeing a shift in how he behaves. According to sources who’ve interacted with him, the celebrity now acts like he’s a big deal when he’s not. The celebrity is the ex-boyfriend of two actresses (during separate times, of course) and is now dating someone who doesn’t act, sing or dance.
AGELESS
THIS lady is truly one of a kind. Not to be ageist or anything but her lovelife would put to shame those of women half her age. After her split with a foreigner boyfriend and a Filipino guy before that, she’s now back with a homegrown businessman. She’s already known for having slept her way to the top but for this lady, that’s work. Anything outside that is personal and her own business. She may be gossiped about a lot but this personality definitely has chutzpah.
And they said: “Yeah, we know that. But you want your book to sell, don’t you?” “Well, yes, I would like my book to sell.” “Well, if we put a black woman on it, it won’t sell.” To my shame and regret ever since, I caved. And then, when it was made into the movie, they cast a white actress in the role. I don’t know if that was for the same reasons. But it’s always bothered me, and I’ve always thought I should have done more. Today I’m more famous and more powerful but then, I was just one writer among many struggling to make a living. So when I learned that they were making a TV series, that was the one thing I came in on: “Let’s cast a black actress.” And we were all on the same page, and we finally got it right. And Jodie Turner-Smith is marvelous in the role.
getting that money, the pickup fee, actually saved me—it enabled me to get out of debt. Everything I’ve written since exists in no small part because of that film. Otherwise, I would be showing people houses in Santa Fe.
Weren’t you contemplating giving up writing around the time of the Night�lyers movie? This was around the time of Armageddon Rag, your biggest commercial failure. Yes, my fourth novel. Although it was wellreviewed, nobody bought it, at least not in its original incarnation. It tanked, and suddenly my whole career seemed to be in danger. I had bought a new house, based on the prospect of Armageddon Rag being successful, and I had to take out a second mortgage. I was living on my credit cards. I started taking realestate courses. So when, out of the blue, Night�lyers got greenlit,
One of the aspects of the novella they’ve incorporated is the future’s more liberated attitude about sex as a recreational activity, or “sexing,” as the characters call it. Well, you know, I wrote that after the sexual revolution and the hippies. I think it’s a healthy attitude, and hopefully it will arrive someday in the future here! That was certainly my intent, to portray how sex can be more casual. It can be, “Oh, I had sex with Bill.” Like, “Oh, I had dinner with Bill.” Why do the two have to be so different? If you’re married to Fred and you have dinner with Bill, Fred doesn’t care. But if you say you had sex with Bill, suddenly it’s
Were you surprised someone wanted to turn Night�lyers into a series? Almost everybody dies in the novella. I was amused by the idea of it becoming a TV show. I’ve only seen the pilot, but they’ve changed things considerably. You can still see many of my characters, and some of the basic tropes and plot points. It’s a much larger cast, and a much different background. But it’s still a science-fiction/horror hybrid, more Alien than Star Trek.
divorce and trauma. Why? I don’t know. It’s part of our religious upbringing, a legacy of past centuries. But 400 years in the future, when Night�lyers was first set, it would certainly be a very different attitude. How is the Game of Thrones successor series pilot progressing? That’s the show I’m calling The Long Night. HBO said, “Don’t call it The Long Night, so that’s not the official title. But I still think of it as The Long Night. That’s the one Jane Goldman wrote, and they’re gearing up for preproduction. Naomi Watts has been cast, so that’s very exciting. How does Goldman’s vision vary from your original concept, with the “Age of Heroes” and the coming of the first White Walkers? Well, she had to add something. If you look at the published books so far, there’s really very little material about that—a sentence here, a sentence there. Old Nan tells a tale that takes up a paragraph. So Jane had to create the characters, the settings and some of the events, and we had to look at everything that was said and say, “OK, here’s what was said at this point, we need to make it consistent to that.” We kicked around some ideas and I made some suggestions. But mostly it’s been Jane running with it. It’s set thousands of years before Game of Thrones. King’s Landing does not exist. The Iron Throne does not exist. There are no dragons there.
GMA shines at 3rd PUP Mabini Media Awards LEADING broadcast company GMA Network once again won the hearts of students, this time around taking home awards from the Polytechnic University of the Philippines during the third Mabini Media Awards, held on November 17 at PUP Santa Mesa, Manila. The country’s most-awarded news magazine program Kapuso Mo, Jessica Soho prevailed with back-to-back honors—earning the Best Magazine Program award as well as Best Magazine Program Host for host Jessica Soho. GMA’s flagship newscast 24 Oras won as this year’s Best Primetime News Program. The PUP community also conferred the Best Male News Program Anchor award to one of the program’s anchors, Mike Enriquez. Enriquez’s weekend show, the investigative show Imbestigador, was also chosen as this year’s Best Public Affairs Program.
Meanwhile, the network’s pioneering documentary program I-Witness triumphed as Best Documentary Program. The award-winning and well-loved family sitcom Pepito Manaloto, bannered by Michael V., won as Best Comedy Program. Soho also earned another feather to her cap, this time around for GMA News TV’s flagship evening newscast State of the Nation with Jessica Soho when she was accorded the Best Female News Program Anchor plum. In the radio category, GMA’s flagship AM radio station Super Radyo dzBB took home several awards, as well. Enriquez won as this year’s Best News Program Host. Nathaniel “Mang Tani” Cruz was honored as Best Public Service Program Host for his program “IM Ready sa
‘The Grinch’ is back to steal Christmas WHILE everyone is off busy preparing for the holidays, the unsociable and ill-tempered Grinch is back with plans to steal Christmas in the animated version of Dr. Seuss’ The Grinch, now showing in SM Cinema. The film follows the story of The Grinch together with his loyal dog, Max, as he faces his most hated time of the year, the Christmas season. With his Whoville neighbors preparing and celebrating for the holidays, The Grinch is planning to steal season and silence the Whos’ holiday cheer once and for all. Will the Grinch finally succeed and achieve his dream peace? From the studio that created the The Despicable Me franchise, Illumination Entertainment once again presents an animated feature that will be loved by the whole family, the adaptation of a Dr. Seuss classic, The Grinch. Directed by Yarrow Cheney and Scott Mosier, the film features the voices of actors Benedict Cumberbatch as The Grinch, Cameron Seely as Cindy Lou-Who, Rashida Jones as Donna Who, and Pharell Williams as the Narrator. Illumination’s The Grinch is now showing at any SM Cinema branch near you. Tickets can be booked at www.smcinema.com or via the SM Cinema mobile app.
Dobol B,” which also emerged as the Best Public Service Program. The network’s official online portal, GMA News Online, bested other nominees and emerged as the Best Online News Portal. The PUP Mabini Media Awards recognizes programs and personalities that offer quality and reliable media content and information to the public. NATHANIEL “MANG TANI” CRUZ was honored as Best Public Service Program Host for his program “IM Ready sa Dobol B.”
Nick Jonas, Priyanka Chopra post wedding on social media NEW YORK—Nick Jonas and Priyanka Chopra posted photos of their wedding celebration on Saturday amid reports that the couple had wed after a four-month courtship. While the couple didn’t say they were officially married—Indian weddings are typically days-long affairs—they both posted festive pictures of themselves on social media and talked about the work they had put into planning the wedding. Representatives for the entertainers didn’t immediately return e-mails seeking comment. The couple announced their engagement in August. It is the first marriage for the 36-year-old Chopra and the 26-year-old Jonas. The couple had been posting social-media photos of themselves among family and friends in India for more than a week. AP
Image BusinessMirror
Wednesday, December 5, 2018
D4
www.businessmirror.com.ph
What began as a small toy shop opens its �lagship sports store JUST THAT JT NISAY
jtnisay@gmail.com
I
N 1978 Roberto Claudio Sr. left his job at a multinational company to start a business. He opened a modest toy shop that sold imported Disney products in a corner of Greenhills Shopping Center. Claudio Sr. put up the business with the help of his two brothers, and named the shop after his eldest son, then five years old. Toby’s Forms and Shapes, however, lasted all but a year before Claudio Sr. chose to reformat the concept into something more aligned with his passion—a decision that proved to be revolutionary in the local sports retail landscape. “That toy store,” said Toby, now in his mid-40s, “was even smaller than our basketball court upstairs.” It’s the launch of the flagship store of sports retail giant, Toby’s Sports, and the younger Claudio was putting in context how far their business has come, and how drastically it has changed. Toby said his father’s pivot from the original business concept came in as a natural decision as they are a family of avid sportsmen. Today, what started as a toy shop in Greenhills now stands as the largest network of sporting goods stores in the country, with 55 branches nationwide carrying over 150 brands and more than 60,000 unique items. Toby, the president of the retailer and vice president for operations and business development of its mother company, Quorum International Inc., said they spent almost P100 million and more than a year for the new flagship store at Bonifacio
Global City. He added that the shop is both a celebration of past and present triumphs, as well as a statement of their commitment to the future. “One thing that we take pride in is that after 40 years, and despite being a homegrown brand, we can do something like this,” Claudio said. “Also, launching a flagship store shows we still want to get better, that we’re not content, and that we’re still looking for ways to improve and deliver a better shopping experience to our local clientele.” At 1,000 sq m., the two-story flagship is more than twice the size of the retailer’s average shop. The vision was to build an iconic store that serves as the pinnacle shopping experience through cutting-edge technology in the heart of Metro Manila. One of the store’s highlights is the bridging of the Toby’s Sports online and offline initiatives. The “Click & Collect” corner serves online consumers who want to receive their orders in an instant by picking it up from the store within hours of checkout, instead of waiting for the usual delivery time of courier services that take days. Claudio said although physical stores have been their bread-and-butter for the past 40 years, they have seen “incredible growth” in their e-commerce site, tobys.com, since it was relaunched in late 2016. Toby’s Sports is planning to fully equip its products with QR codes that will lead customers to a particular product’s page in its online store. Also in the pipeline is the introduction of an automated locker area, where online customers can pick up their orders 24/7, even when the store is closed, just by using a generated passcode that will be sent directly to the customer’s mobile phone. The immersive omnichannel shopping experience is carried out on the walls of the store as well, where customers can browse tobys.com on mounted interactive screens. Meanwhile, “Shoe Showcase” platforms installed in the flagship use RFID technology that allows customers to unlock virtual content of a shoe, from specs to features, via touchscreen.
Beyond technology, the store features different zones for different needs. The “PLAYZone” is a venue for events and sports clinics, as well as a basketball court where prizes will be given out regularly for topshooting customers. The “LAUNCHZone” plays host for product launches, curated installations and athlete appearances. Full apparel customization services are offered, as well, through the “Toby’s Custom Lab,” while the “Run Signature Analysis” from Brooks takes an in-depth look at
customers’ natural running characteristics for optimum product selection. Claudio said they will look at opening more flagships of Toby’s Sports in major cities, depending on the performance of the one in BGC. New store formats will also be explored to go with the two others under Quorum, namely, running specialty store RUNNR and lifestyle concept store Urban Athletics. The executive maintained that the approach is a response to the behavior
of the market. He said Filipinos have always displayed a deep passion for sports, whichever discipline is in season. “Before it was badminton. Now, it’s triathlon. Either way, Filipinos know the health benefits of sports mentally, physically and even socially.” Catering to this need, to this market that shares the same passion for sports, is what keeps Claudio going. “That’s why I love the business that we’re in,” he said. “We’re selling healthy lifestyle.”
earAccess speaks at PHA Convention EARACCESS Inc., a social company that manufactures quality and affordable hearing aids based in Montreal, Canada, was invited to speak during the 69th Annual National Convention of the Philippine Hospital Association (PHA) held recently at The Manila Hotel. During the event, Esther Jamieson, project manager for earAccess, talked about “Hearing Loss and Innovation in Hearing Care” in front of convention delegates, composed of some of the finest members of the medical field in the country, as part of earAccess’ efforts to reach out to more institutions in the country in promoting awareness about hearing concern. In her speech, Jamieson cited some “examples of innovation used to address gaps in hearing services,” and likewise said that a universal change cannot be brought about by a single
Maxicare HealthHub at Manila Doctors Hospital MAXICARE Healthcare Corp., the country’s leading health-care provider, recently launched the Maxicare HealthHub, a one-stop health-care hub that utilizes cutting-edge technology to streamline the process of going for a medical consultation, offering a relaxing and convenient way for members to access their benefits. A first-of-its-kind in the country, the fully automated hub offers members a convenient and time-saving way of getting their LOA (letter of authorization). It has a fully digitized system to manage patient queuing, and to gather initial vital signs quickly, accurately and hassle-free. Photo shows Manila Doctors Hospital President Elizabeth Dantes and Maxicare President and CEO Christian Argos cutting the ceremonial ribbon during the launch. More information is available at www.maxicare.com.ph.
company but by the “collective actions across all health sectors, working together to better identify hearing loss in time.” She also touched on “exploring the innovative use of resources to better address gaps in awareness, services and affordability for hearing interventions” to help facilitate the needed change. earAccess is currently holding screening tests in various cities like Mandaluyong, Caloocan, San Juan and Antipolo together with FINE Nutrition Trading International, the local distributor of the Access brand of hearing aids, as part of its advocacy to promote hearing wellness in the country and provide proper training and know-how against hearing issues. Watson Philippines also aligned with earAccess by providing free hearing screenings in Watsons Philippines outlets where the Access products are sold.
Flying with emotional support animals: The ups and downs of life in coach Continued FroM d2 Is it good for the goose just because it’s good for the human? THERE’S also evidence that the animals themselves may not fare so well. Riding on planes, being in closed-in spaces, and being exposed to loud noises and crowds of people can be overstimulating and scary to an animal, especially one not accustomed to that particular environment. In a 2002 study, researchers looked at air travel in beagles. They found that blood and salivary cortisol
was much higher than baseline in dogs during air transport, an indication they were stressed. The authors noted that just because the beagles were mainly inactive during transport did not mean they were not stressed. Rather, their behavior indicated that the beagles adopted a conservative-withdrawal approach in response to their stress, rather than fight-or-flight. In contrast, service dogs are often genetically selected and extensively trained for the tasks they will perform. They need consistent and predictable behaviors in a wide range of situations and environments in order to safely provide service to their
humans, especially if a life depends on that particular service. Training, training methods, the trainer and training tools used can also have a significant effect on behavior and coping skills in animals. And, whenever an animal is fearful or anxious, he may be more likely to choose an aggression strategy, such as growling, snapping or biting, especially if he feels cornered or trapped. In the end, airlines and regulators are left to develop ways to avoid the downsides of comfort animals, even as consumers have come to expect this accommodation.
It’s almost 2019. Do you know where your photos are? Continued FroM d1 Google promises unlimited free “storage,” sure: “safe, secure, and always with you.” But some of its other promises, the ones we haven’t heard before, are strikingly of their time: “Never worry about running out of space on your phone again.” It is a gentler approach than “we want all your photos.” And this most modern solution quickly diverts our attention from the old question—where will my photos end up?—to the newer ones attendant with photography as it exists today. People take pictures to remember things, for the benefit of others, or to record something beautiful or notable, but also according to the constant demands of social media, of keeping friends and family updated in real time, and of
simply communicating on the phone. The various images we record, and those compelled from us, are something apart from a photo collection. Apple proactively processes a phone’s images into categories, some of which wouldn’t be out of place on the side of a shoe box, or the cover of a photo album: around dates or places; of particular people, who Apple identifies automatically with facial recognition. Sometimes Apple reminds you of a birthday party, and presents you with a moving video. Other times, as it did to a friend, it shows you a slideshow of photos you took of a stereo to post it on Craigslist. Remember that day? Google’s approach is more assertive. From your raw imagery, it will automatically edit together a sequence of your child’s development. It will do the same for your dog,
whose face it can also recognize. You can search your photos for almost anything: cars, sunsets or “screenshots containing text.” Its album and videos and searches double as assurances: You may never organize your photos yourself, but we have some ideas; you may not remember taking them in the first place, but they still exist. Until they don’t. Jason Scott is a founder of Archive Team, a loose network of archivists and programmers that creates tools for extracting data from services that are at risk of disappearing. Flickr has given users options to export everything from the site; the Archive Team is working on alternatives, just in case. “The sad thing about the tech industry is they built everything on subsidized lies: ‘This is going to cost you
nothing and you’re going to get amazing things,’” Scott said. It’s not as easy to imagine a future without Google as it might have been to imagine a future without Zing, or even Yahoo. But it shouldn’t be hard. “It’s 100 percent like Flickr,” Scott said. “Tech companies are still selling a lot of very neophyte people a lot of problematic lies about things that matter a lot to them.”
BOXES AND BOOKS
ACKRON’S advice for seniors remains practical. “You always need to keep an eye on where you’re storing your photos, to make sure things aren’t going out of date,” she tells them, describing the process as “tedious” but necessary. “Technology isn’t slowing down.”
They have advice, too. “I just keep all my pictures on my phone,” Ackron said. “Clients talk about how they kept scrapbooks and photo boxes and photo albums, and about how physically holding the pictures themselves is a different experience.” Now, she said, she prints some favorites of her own. Beneath the roar of digital acceleration, there is still some shuffling of paper. A 2018 analysis by f/22 Consulting, a photo industry firm, noted that a printing business in turmoil has managed to siphon growth from America’s bulging camera rolls. Traditional prints—shoe box fodder—are growing again. But as fast customized mementos and books, including some generated by tech giants using facial recognition and other artificial intelligence.
BusinessMirror E1 | Wednesday, December 5, 2018 • Editor : Tet Andolong
HEDERA model home designed by Kenneth Cobonpue
CENTURY PROPERTIES TO BUILD P12-B CONDOMINIUM IN BATULAO By Rizal Raoul S. Reyes
C
@brownindio
ENTURY Properties Group (CPG) will embark on a vertical development project on its 142-hectare Batulao Artscapes project, according to a major official of the company.
BILLBOARD model home designed by David Salle+AA Studio
POLYGONAL Succession home model designed by Ed Calma
“CPG will construct a P12-billion low-rise condominium in Batulao Artscapes in the next three years,” said Tim Hallett, head of CPG’s
leisure, tourism and hospitality division in an interview with reporters on the sidelines of the Road Trip to Batulao event on November 24.
The five-story project is going to be attractive to buyers who want to explore business prospects in the Tagaytay area. “I would imagine the condominium would leasable product and more for more investment,” said Hallett. The project is expected to be finished in three years. As far as the first phase of development of Batulao Artscape is concerned, Hallett said the company is satisfied especially the sales personnel as demand for suburban living among residents in the cities is growing. In October CPG announced that it has presold 477 vacation homes worth P2.94 billion within the first 36 hectares of the development, which in total will offer approximately 2,247 homes. “The acceptance of the product is amazing,” he said. Hallett said CPG sees big opportunities in suburban development
as Batulao Artscapes houses’ done by Revolution Precrafted, as more and more people want to live outside the cities. Construction of the first phase is in full swing with the first batch of homes targeted for completion in early 2019. Hedera homes by Kenneth Cobonpue are currently under construction, while Polygonal Successions by Ed Calma will start in December. Hallett said Batulao Artscapes is being positioned to be arts and culture not only in the country but in the Asean region, as well. “We also want Batulao Artscapes to be a wedding destination, a site for sports activities and host of teambuilding activities by companies.” Recently, CPG organized the Batulao Artscapes to promote awareness on the project. “Batulao Artscapes is a unique celebration of active, meditative,
creative and festive attractions. It is a development like no other— grounded in natural beauty, shaped by the arts and informed by design. For the first time, you can own a home in an art park, in what would otherwise only be a weekend getaway someplace else,” said Hallett. With art as the driving force behind the entire project, Batulao Artscapes features designer homes by Revolution Precrafted. Aside from Calma and Cobonpue, other notable Filipino and international names include Budji Layug and Royal Pineda, Daphne Guiness and Studio Libeskind Design. Completing the livable art park concept are vacation amenities. The Active component includes bike and jogging trails, a man-made beach, a sports park and wellness hotel. The Meditative component features a man-made lake for paddle boarding, clubhouse for yoga, spa and other
wellness facilities. Festive includes a Flavor Park with fresh food and beverage concepts, and a floating chapel for weddings. The Creative component includes the Art Park with pavilions and a maze, plus four Revolution Museums by Pritzker Prize-winning architects (museums for performing arts, visual arts, art and technology, and design and architecture). With only a 1.5 to two-hour drive from Makati, Batulao Artscapes is easily accessible via four points— through Daang Hari Road toward the scenic Nasugbu-Kaybiang Tunnel, the Star Tollway to Tanauan Exit, the South Luzon Expressway (Slex) and Cavite Expressway (Cavitex). When the 49-kilometer CaviteTagaytay-Batangas Expressway (CTBEx) is completed in mid-2022, travel time to nearby Tagaytay City will only take less than an hour.
Business
E2 Wednesday, December 5, 2018
Real estate and urban planning for LGUs
Amor Maclang
FIRST DIBS IN REAL ESTATE
CITY Council members comprised of ULI members (seated, from left) Jezreel Apelar, COO of Swoop; Sheilla Aguilar, investment relations manager of Ayala Land Inc.; Joel Gargallo of Ayala Land Inc.; Raymond Rufino of The Net Group and Charlie Rufino of The Net Group with the team of public officials.
VOLUNTEERS share their first build during a facilitation session.
I
N places like China, Singapore and most European countries, the state invests in the long-term potential of a city regardless of its short-term profitability. The Philippines is more like Brazil and South America, it’s private companies who invest in more immediate profitability at the expense of long term and viability end up being the ones shaping a cities’ landscape. What we need is Competent command and control from the public sector and this is what Urban Plan envisions to do. The first run of the UrbanPlan for Public Officials workshop in Manila hosted by the Urban Land Institute Philippines concluded on November 15 at the De La Salle University Rufino Campus, Taguig City. Held in partnership with the Department of Budget and Management (DBM), over 25 city planning and development officers (CPDOs) from various local government units (LGUs) from Luzon, the Visayas and Mindanao participated in the program. The UrbanPlan program is a realistic, engaging exercise in which participants learn about the fundamental forces that affect real-estate development in our communities. Participants experience the chal-
lenging issues, private and public sector roles, complex trade-offs, and fundamental economics in play when proposing realistic land-use solutions to vexing growth challenges. Launched in Asia Pacific this year in the following countries—Singapore, Hong Kong and the Philippines—UrbanPlan’s mission is to create a sophisticated level of discourse among local stakeholders involved in landuse decisions through the education of tomorrow’s voters, neighbors, community leaders, public officials and land-use professionals to create better communities. In Manila the March 2018 pilot was targeted for university students, to resounding success. It is now currently offered in the university level at De La Salle University and De La Salle-College of Saint Benilde in their real-estate management courses. “We have been concentrating on students and teaching real estate,” said Charlie Rufino, chairman of UrbanPlan for Philippines. “However, there is also program offered for public officials, which they piloted
JULIA NEBRIJA, program manager for “Green, Green, Green” under the DBM, addresses the workshop participants.
in Singapore.” Together with a group of volunteers, Rufino championed to have the first run of UrbanPlan for Public Officials in Manila. Sophie Lambert, Senior Director for UrbanPlan, flew in from Washington to facilitate the session, as part of the efforts to strengthen the growth of the program in Asia Pacific. Participants included the CPDOs and other representatives from the cities of Baguio, Butuan, Calapan, Calbayog, Dagupan, Dipolog, Maasin, Malabon, Mati, Muntinlupa, Naga (Cebu), Parañaque, Puerto Princesa, Quezon, San Jose del Monte, San Pedro, Sipalay, Tabaco, Tacurong, Tarlac and Valenzuela. The exercise provided the officials the opportunity to learn more about the build environment and economic trade-offs. “What is normally taken
up in three weeks by students, they are doing it in six hours,” Rufino added. The UrbanPlan workshop is one of the DBM’s initiatives to offer technical assistance to the local government units as they develop proposals for “Green, Green, Green,” a unique assistance program spearheaded by the DBM that aims to make the Philippines’s 145 cities more livable and sustainable through the establishment and improvement of urban public open spaces, such as parks, plazas and streets, among others. “We had LGU planners from all across the Philippines, not just Metro Manila, representing different regions to come together and learn new skills, and also have a hands-on experience where they can practice development concepts, which they can take back to the cities where they
work and implement them in the future,” said Julia Nebrija, program manager of Green, Green, Green project under the DBM. She was pleased for the opportunity to bring a globally recognized opportunity to local government officials, with plans to expand it further, hopefully to the rest of the Philippines’s cities. Rufino noted that the exercise was a great reversal of roles. “You have the regulators, but now they are part of a fictitious development team,” he said. This provided the participants a better understanding of how the different factors work in a real-estate scenario. UrbanPlan for Public Officials workshops are ideal for local decision makers who would like to learn more about the fundamental forces that shape and affect the built environ-
ment, and the important leadership roles that elected and appointed officials play in the real-estate development process. The core of the workshop is an exercise to create a land-use proposal balancing factors, such as community interests, building types, and financial feasibility. The teams learned how to work with design and land-use guidelines to develop the site plan and a financial tool to develop the model to attract investors, among others. The workshop will enable public officials to better understand the trade-offs and risk at play in the entitlement and negotiation process associated with land use, especially in public-private partnerships. The UrbanPlan case study is an example of a city-led redevelopment effort where compromise needs to be met between the locality, development team selected in the RFP, and the community. “It’s critical that we offer programs like UrbanPlan, especially to the young generation, to inspire them to take on these roles,” Nebrija said. In the UrbanPlan workshop, participants take on roles in the team, either as a marketing director, a financial analyst, a site planner, a city liaison and a neighborhood liaison. “Even if they don’t become planners or designers, it’s important to educate citizens on how decisions are made in the places they live.” She continued that this allowed participants to realize that they could engage at a city level and help to enact a change in their own areas.”
A luxury home perfect for family bonding moments Megaworld commemorates history in the Battle of Mactan
T
HEY say home is where the heart is—where bonding moments with your family are made memorable and precious time with your children are cherished. This is what the Filigree team, makers of Botanika Nature Residences, a top-end, low-density residential enclave in Filinvest City, had in mind, anticipating every family’s varying lifestyle needs by providing features and amenities that create enduring ties and bring them closer. In planning Botanika Nature Residences, a special space has been set aside exclusively for the kids and even for the kids-at-heart. Thus, the kids play area where children can freely and safely romp around is an essential part of Botanika’s list of amenities, deliberately designed to provide families a place of recreation right at their doorstep. An indoor play area, a room based on a modern indoor recreational concept for play and study, is brought to life by the award-winning Isabelle Miaja of the Miaja Design Group. Miaja used vibrant area rugs, hip furnishings, as well as colorful storage solutions for toys. The color palette that would be inviting and attractive for kids was carefully chosen. True to its promise of a lush home like no other, the indoor play area is paired with an outdoor playground, revealing the gracious space Botanika provides. Everyone can enjoy the fresh air in the sculptural tree houses nestled in between the luscious gardens of Botanika Nature Residences. The indoor and outdoor play areas— catering to the needs of children—are
P
only few of the amenities that are now ready for use and enjoyment at the 13-story Botanika Nature Residences Tower 1. Also operational is a business center, a fully equipped and productive place to get work done; a library, where residents can quietly sit back and enjoy a literary classic or the latest best seller; and the crown jewel of Botanika, a tiered pool perfect for family staycations. All these well-thought-out amenities complete the family experience that starts within each resident’s very own home. From its smallest units with an average
space of 125 square meter and its larger, special units—the Penthouse unit and the Garden unit with an average space of 327 sq m, each family gets to spend a hefty amount of quality time together without the need to find recreation elsewhere. A home that meets standards of the discriminating few—well-equipped and highly exclusive—this is Botanika Nature Residences. Armed with the commitment of its developer Filigree to provide residents a safe, luxurious haven, every detail at Botanika is conceived judiciously and with absolute care.
Botanika Nature Residences is the flagship project of Filigree, a real-estate brand that offers masterfully crafted living spaces. Designed by Leandro V. Locsin Partners, its architect of record, and Architecture International, Botanika offers authentic green living in a luxurious enclave nestled in the quietest and exclusive portion of the premier garden central business district in the Metro South, Filinvest City. To discover more about this architectural gem and its unique features and amenities, visit www.botanika.com.ph.
ROPERTY giant Megaworld, the country’s leading developer of integrated urban townships, is building its fourth residential development in the 30-hectare The Mactan Newtown in Lapu-Lapu City, Cebu. The 20-story La Victoria Global Residences will offer 181 spacious units ranging from studio of up to 40 square meters; one-bedroom units of up to 53 sq m; twobedroom units of up to 80 sq m; and threebedroom units of up to 118 sq m. All units will have their own balconies, overlooking the sea and the mountains. Featuring an architecture inspired by Spanish edifices, the tower will reflect the historical significance of Galleon Victoria, the ship that brought Ferdinand Magellan to Cebu Island in 1521, who eventually faced a fatal defeat from the forces of Filipino warriors led by Lapu-Lapu. “Galleon Victoria arrived in the Philippines in 1521, and completed its circumnavigation of the globe in 1522. This piece of history that eventually showcased the victory of native Filipinos will be commemorated by this new residential tower inside The Mactan Newtown,” explained Noli D. Hernandez, president, Megaworld Cebu Properties Inc. On the tower’s central façade, just below the tower’s name, will be an inscription of the inclusive years that Galleon Victoria spent to complete its circumnavigation of the world. “We launch this tower 500 years after Magellan was appointed captain of Galleon Victoria’s expedition and we hope to complete this in 2022 when we
commemorate the ship’s 500th year of circumnavigation,” added Hernandez. La Victoria Global Residences’s main lobby will be designed with elements and installations that are significant to the Spanish expedition. The amenity deck at the third level will be highlighted by an infinity pool and kiddie pool with covered pool lounge and wooden sunbathing deck, relaxation and reading lounge, children’s play area, function room, fitness center, fitness trail and jogging path, and day-care center. Total sales for this fourth residential project in the township are expected to reach P1.5 billion. In late 2011, the company launched its first residential development, 8 Newtown Boulevard, which eventually won as Best Luxury Condo Development in Cebu in the 2016 Philippines Property Awards and the Outstanding Residential High-Rise Development in the 2016 Real Estate and Property Awards by FIABCI-Philippines. The following year, the company also launched One Pacific Residence, which also won the Best Residential Architectural Design in the 2017 Philippines Property Awards, and in 2016, it launched One Manchester Place, the third residential development in the township. The Mactan Newtown is Megaworld’s first and only township that has its own beachfront. It is currently home to almost 10,000 business-process outsourcing and office workers. It is also home to the company’s first school in the Visayas and Mindanao, the Lasallian-supervised Newtown School of Excellence.
sMirror
Wednesday, December 5, 2018 E3
Okada Manila unveils The Garden
THE Garden By Roderick L. Abad
T
@rodrik_28
IMELY to the Yuletide season, Okada Manila has launched The Garden that offers guests either a hideaway from the hustle and bustle of the metropolis at the onset of the holiday rush, or simply get together with their loved ones. Boasting a lush open space, it provides the best seat to marvel at the majestic Manila Bay sunset. It’s also ideal as an open-air venue for any occasion or event. This newest attraction of the integrated resort and casino is neatly manicured with verdant foliage, palms and other green ornaments. Well-lit pathways are inviting for a brisk walk or stroll while inhaling the fresh air coming from the sea. Visitors may opt to seat or lie on the carpet-like grasses that abound or laze around the seats or gazebos on ground. “The Garden is more than an outdoor space—it’s an integral part of Okada Manila where guests can enjoy life’s best moments under the sky with people they treasure the most,” said Ivaylo S. Ivanov, vice president for hospitality at Okada Manila. Drumming up the festivities is a grand Christmas tree, which stands tall along The Fountain Foyer. Taking off from this and the launch of a
Zen-like attraction, this hotel and gaining facility at The Entertainment City celebrates the holidays in style with an exciting lineup of events and promotions across its numerous attractions in the coming weeks. Feel the season’s vibe with choir performances from the award-winning Himig Rizalia. The group will render Christmas carols on all weekends of December until the 23rd. For the kids and kids at heart, the resort cum casino will hold a meet and greet with Saint Nicholas himself at Santa’s Cabin by the Crystal Corridor junction on selected dates until December 25, from 3 to 5 p.m. On weekends until December 16 and daily from December 21 to 25, the Yuletide Kiddie Jam at PLAY will offer activities, such as storytelling time with Santa, Christmas caroling, and fun games. Those who come in Santa outfits can get a complimentary pass for both child and guardian
THE Retreat Spa
OKADA Manila grand Christmas tree for their next visit, as well as 50 percent off on a six-month Moon Pass. What’s more, PLAY has fun activities in store during its Kasambahay Appreciation Day on December 9. These include arts and crafts, Pinoy Henyo, Zumba and more. Sit back and relax at The Retreat Spa salon with its grooming and wellness services. Bring home its variety of Yuletide spa gift sets. These fes-
energize for the next celebration with the Hangover Recovery Package. Family and friends can celebrate over a scrumptious meal at Okada Manila’s restaurants with their special treats. Guests get to enjoy delightful homemade items created by Executive Pastry Chef Josef Teuschler, in a life-size Gingerbread House. Enjoy hassle and worry-free holiday feasts at Kiapo with special set
menus that will bring mouthwatering flavors to Christmas reunions, as well as the Ultimate 8 Samgyeopsal from Goryeo, which delivers the most delectable Korean experience for the whole month of December. A wide array of dining options for international cuisines are available at Enbu, La Piazza, Medley, Red Spice, Lobby Lounge and Yu Lei. Southeast Asia’s largest indoor beach club and nightclub, Cove Manila, is set to mark its all-star anniversary with Crescendome, which will bring in world-renowned disk jockeys Snake and Afrojack on December 7 and 15, respectively. Come New Year’s Eve, Okada Manila is set to make the standard of its fireworks bigger than ever, with something very special planned along the entire venue and for its visitors. “Our guests will never run out of fun and exciting experiences here at Okada Manila. Bring the whole family, barkada and even your colleagues for unforgettable holiday celebrations,” Ivanov said.
change the location. PA Properties offers durable, stylish, yet affordable housing options to thousands of Filipinos who dream of having their own homes. Apart from Laguna, the company also has developments in Batangas, Cavite, Bulacan, Pampanga and Metro Manila—all located in highly accessible and secured areas that are steadily growing in value. PA Properties’s location strategy allows the company to develop safe and comfortable communities that are within convenient
distance from the hustle and bustle of big cities, at the same time close enough to grant residents access to commercial amenities, schools, hospitals, churches and lifestyle centers. Committed to providing excellent products and services, the company has been building comfortable, safe, and vibrant Filipino communities for the past 24 years that help the government’s national shelter program, while offering amenities that complement the diverse lifestyles of its market.
GINGERBREAD house tive jute-box hampers come with a complimentary treatment voucher to use on the next visit or gift to a loved one. The salon also offers exclusive packages for partygoers. Yuletide Glam Packages start at P2,500 plus guests can enjoy 25-percent off add-on services like manicures, pedicures, root touch-ups and hair treatments. Then, hydrate and re-
Sound property advice for today’s ‘Fillennials’
T
HEY’RE upbeat, self-expressive, tech-savvy, have Google for information (instead of newspapers) and Waze for directions. Meet the “Fillennials,” or the Filipino millennials, and they’re one of today’s largest group of property hunters. Like any other person searching for a house, purchasing a new home for the first time is exciting, but can also be daunting.
to provide you with assistance if you do not have some type of proof that you have qualified. The beautiful part of purchasing a real-estate property while young is that most financial institutions and companies are willing to give more leeway. This is because it is assumed that young people still have many years ahead of them to pay off their debt.
Assess your cash flow
FINANCIALLY speaking, there are many costs involved in purchasing a new home. Down payments, furnishings and unexpected costs can add up quickly. Take initiative and before investing in your new home by setting up an emergency fund. Determine how much you are able to set aside every month and continue saving up until you cover the costs of homeownership completely.
THE first step is to know how much you’re earning, how much you’re saving, or, if you’re not saving, how much you’re actually spending every month. You need to know where your money is going to put together any kind of plan to achieve your homeownership goal. Financial advisors suggest not spending more than 28 percent of your gross income on housing in any given month.
Get preapproved for a housing loan
MOST realtors and sellers are not willing
Create an emergency fund
Build your credit
IF you are planning to purchase a new home for the first time, a good credit
rating shows banks and financial advisors that you are prepared to commit financially to purchasing a new home. Start and maintain your credit by using your credit card for small purchases and ensuring your payments are on time.
Plan for surprises
BUYING a new home comes with expenses, such as down payments, property taxes, insurance, moving costs and maintenance. In terms of maintenance and repairs, keep tab on when appliances are purchased and installed so you'll have a better idea of when they'll need to be replaced.
Choose your location wisely
REGARDLESS of whether you are purchasing a starter home, or a permanent home, choosing the right location is an important factor to consider. The location of a home directly affects the resale value and influences the potential for
your investment to grow. Ensure your location reflects your lifestyle, but also take into consideration the potential for resale.
Get to know the neighborhood
WHILE location is an important factor to consider in home purchase, exploring the area before making the purchase is equally crucial. It is advisable to walk around the neighborhood, both during the day and at night. Make sure you feel safe and good about it. Laguna-based PA Properties, one of the country’s active developers of affordable yet durable housing, knows that one of the most important factors to consider when buying a house is the actual location of the property. You can buy a brand-new condo in a great building, but if it's in a terrible neighborhood with no amenities and you can’t have the lifestyle you want, you’re in the wrong place. Ultimately, you can always change the finishing of your home, but you can’t
Entrepreneur BusinessMirror
E4 Wednesday, December 5, 2018
Start-up bar promises to deliver new coffee, tea experience to customers
T
By Rizal Raoul S. Reyes
@brownindio
HREE years ago Richard Torres and his partners, Mikel Antunez and Oscar Tan-Abing Jr., firmed up their plans to put up their own coffee shop. when taking nitro cold brew coffee,” Torres explained. “Entering this business, we did what we needed to do. We did a lot of research because we wanted to differentiate ourselves from the competition. We hired consultants who had significant experience in the F&B [food and beverage] industry to facilitate the process and we are constantly improving, reinventing and expanding the brand,” he added. Back then, they did not have a benchmark and it was a challenge for Nitro 7 to ensure that they would come up with a quality product. Being the first to introduce nitro coffee in the Philippines, they had to compete against themselves. It took the team nine months of research and development (R&D) before the brand was introduced to the market. “Now we can claim that we are the first nitro coffee and tea bar in the Philippines,” Torres said. “We entered the coffee retail business because this industry is worth billions of dollars. It isn’t a fad. It’s something people drink every day. It’s a lifestyle. It’s just going to grow bigger and bigger through the years.” And so, Torres and his partners decided to introduce their groundbreaking product that further enriches the coffee experience of Filipinos.
HK company raises $105M to expand lending biz
A
Contributor
As business practitioners, they knew that they had to be different to stand out from the congested coffee industry. Through research and perseverance, they were able to come up with something new to offer to the market. Thus, Nitro 7 Coffee & Tea Bar was born. The partners, who are all coffee enthusiasts, believed that they could offer Filipinos a better-tasting cup at a more affordable price. In a recent interview with the BusinessMirror, Torres said that Nitro 7 is different because of the two-step process in making the brew: brewing the coffee for 18 hours in cold temperature then followed by nitrogen infusion for another day. Cold brew coffee requires a lot of time to complete, which takes anywhere between 12 and 24 hours, compared to a cup of espresso, which can be pulled in 20 to 30 seconds. Nitro cold brew coffee, popularly known as NCB, has a rich and creamy mouth feel to it. It also subdues the natural bitterness of coffee, even making it a little bit sweet without adding any sweetener. And the best part of NCB is its low acidity. “If you have GERD [gastroesophageal reflux disease] or other acidity problems when taking regular coffee, you most probably won’t get that same reaction
www.businessmirror.com.ph
NITRO 7 stand-alone kiosk in Greenbelt 3
Currently, Nitro 7 has 11 branches and will be opening a few more before the year ends. The branches are located at Robinsons Magnolia, Eastwood Citywalk 1, SM Megamall, Greenbelt 3, SM Dasmariñas, SM North Edsa, Ayala the 30th Mall, The Fort Strip in BGC, Happiness Food Hub in Cainta, Robinsons Galleria, and Youniversity Suites,
Laperal building along the University Belt in Manila. Nitro 7 started as a to-go coffee outlet, offering only nitro coffee and nitro tea. But since opening two years ago, the brand has evolved to meet the needs of its customers. Besides being a place where customers can grab a delicious cup to-go, Nitro 7 also has small cafés across town
that offer food and a place for their customers to sit down while enjoying their meal, which now consists of food items such as pizza, sandwiches, wraps and pastries. Torres further mentioned that they will continue to expand and improve their product offerings every year. The brand is open for franchise with a fee of P250,000.
We did a lot of research because we wanted to differentiate ourselves from the competition. We hired consultants who had significant experience in the F&B [food and beverage] industry to facilitate the process and we are constantly improving, reinventing and expanding the brand.”—Torres
HONG KONG start-up called Oriente raised $105 million as it expands online lending operations in Southeast Asia and develops new products and technologies for markets like Indonesia and the Philippines. Oriente was founded in 2017 by Skype Inc. cofounder Geoffrey Prentice, former Lu.com Chief Operating Officer Hubert Tai, and Lawrence Chu, founder of BlackPine Group. It provides loans, often $50 to $100, to small businesses that would otherwise struggle to get money, and is racing to roll out additional financial services for the fragmented markets of Southeast Asia. Customers can apply for loans through a mobile app or offline. The region’s lack of banking services and rapid adoption of smartphones has led to a surge in new start-ups and investments in recent years. Oriente’s funding comes from some of Southeast Asia’s wealthiest business families, including people involved in JG Summit Holdings Inc. in the Philippines, Indonesia’s Sinar Mas and Berjaya Group in Malaysia. “We want to unlock the entrepreneurial spirit and let the middle class in these emerging markets get ahead,” Prentice said in an interview with Bloomberg TV. In the Philippines, Oriente formed a joint venture with JG Summit, one of the country’s biggest conglomerates, and rolled out Cashalo, a mobile app that provides small loans to Filipinos. For a loan of between P2,000 ($38) and P5,000, the company’s rates can be 3.95 percent a month, plus 4 percent processing fee. Though that works out to about 50 percent annual interest, it’s typically lower than what borrowers could get from other lenders. In Indonesia, Oriente has a consumer lending app called Finmas through a strategic partnership with Sinar Mas. Oriente now has more than 1,200 employees across Hong Kong, Shanghai, Singapore, Taipei, Manila, Jakarta and Ho Chi Minh City. Bloomberg News
DTI opens 2 more Negosyo Centers in Ilocos Norte
L
AOAG CITY—The Department of Trade and Industry (DTI) opened two more Negosyo Centers in the towns of Bangui and Nueva Era. According to Maricor Racela, DTI event coordinator in the province, the 13th and 14th Negosyo Centers in the province are expected to boost economic growth and development among business stakeholders. On Wednesday local officials and residents of Paoay witnessed the launching of their own Negosyo Center located at the Paoay Civic Center in Barangay Veronica. Other Negosyo Centers in the province are located in Laoag, Batac, Burgos, Bacarra, San Nicolas, Badoc, Dingras, Piddig, Banna, Solsona and Vintar. Led by DTI Regional Director Florante Leal, separate programs and ribbon-cutting ceremonies were
REPRESENTATIVES of the Department of Trade and Industry, led by Regional Director Florante Leal (right), and Paoay Mayor Eileen Llaguno-Guerrero open the 12th Negosyo Center at the Paoay Civic Center in Ilocos Norte on November 28.
conducted in Bangui and Nueva Era on Thursday. As part of the department’s aim
“to bring government services closer to its people,” more Negosyo Centers are being put up to empower
potential and small and medium entrepreneurs to excel in business. Under the Go Negosyo Act, micro, small and medium enterprises will have a better ease of doing business when a Negosyo Center is just within their reach. Instead of going to the nearest DTI office, the center features a one-stop shop for business enthusiasts to process their business registration, seek business advisory services, provide business information and advocacy; and monitoring and evaluation of business-process improvement. Once a Negosyo Center is in place in a certain community, local businessmen may no longer need to line up or go to the nearest DTI office to have their business registered and wait for days to process the registration process. The DTI hopes to inaugurate 100 Negosyo Centers in the country within the end of this year. PNA
PEOPLE take photographs with their mobile handsets on the Tsim Sha Tsui promenade as the Hong Kong skyline stands across Victoria Harbor in Hong Kong, China, on June 27, 2016. BLOOMBERG
Company launches China-made kitchen Sons of late Hong Kong real-estate developer inherit $3B equipment line for Pinoy entrepreneurs T
F
ROM clothes to heavy machineries, China has evolved to be a major source of most consumer and industrial products. Through the Best China Equipment Corp. (BCEC), China is expanding its footprint in the entrepreneurship business by offering assistance to aspiring entrepreneurs affordable kitchen equipment through a distributor of kitchen equipment. BCEC, a newly launched company that sources its products directly from China, asked its sales and technical team to visit the biggest China
factories and looked for the best quality and most pocket-friendly equipment that will help “foodpreneurs” jump-start their businesses with a low investment. To ensure all bases are covered, BCEC established a one-stop shop that is capable of outfitting any food venture, be it a restaurant, café, food truck, canteen, kiosks, carts, food parks, catering services and more. BCEC can also help customers look for products that they need which might not yet be in BCEC’s catalogue.
The company said it puts emphasis on product functionality at the best prices. There are fryers, griddles, ovens, toasters, gas stoves, pasta cookers, microwave ovens, induction cookers, chicken rotisseries, meat mincers, bone saw, crepe and waffle makers, coffee machines, blenders, hot dog rollers, siopao steamers, juice dispensers, ice-making machines, ice cream/gelato machines, stick blenders, cone bakers, ice crushers, popsicle machines, chillers, food warmers and dishwashing machines, among many others. Rizal Raoul S. Reyes
WO sons of Walter Kwok, a Hong Kong developer once kidnapped for ransom and later ousted as chairman following a public family squabble, inherited a $3.1-billion stake in Sun Hung Kai Properties Ltd. Geoffrey and Jonathan Kwok are the beneficiaries of a trust with 211 million shares, according to regulatory filings in Hong Kong that don’t disclose the exact amounts each heir received. Representatives of Sun Hung Kai, Hong Kong’s biggest real-estate developer with a market value of about $41 billion, didn’t reply to a request for comment. Walter Kwok, also known by his Chinese name Ping-sheung, died in October at age 68 after suffering a heart
attack two months earlier. His own father died of a heart attack in 1990, and he took over the company along with his brothers Thomas and Raymond. He was kidnapped in 1997 by a Hong Kong gang leader known as “Big Spender,” who also had held the son of billionaire Li Ka-shing for ransom. Kwok was ousted as chairman in 2008 after a public spat with two brothers who thought he had been suffering from mental illness, which he denied, later suing them for libel. The legal dispute that wound up before the High Court was amicably settled in 2014. Geoffrey Kwok studied for a master’s degree at Stanford University after a stint working at Sun Hung Kai, while Jonathan studied in New York, according to a 2012 South China Post
story. The shares they inherited are held through British Virgin Islandsbased holding companies Asporto Ltd. and Fortress Gold Ltd., the regulatory filings show. Their father was the oldest of three sons who inherited the fortune of Kwok Tak-seng, a grocery wholesaler from China’s Guangdong province who immigrated to Hong Kong after World War II. Kwok Tak-seng joined Fung King-hey and Lee Shau Kee to found Sun Hung Kai Properties in 1963. The company, which sold shares in a 1972 initial public offering, became one of the world’s largest real-estate developers by market value. Sun Hung Kai has since expanded to other areas, including logistics and telecommunications. Bloomberg News